Canfor Corporation: Canfor announces closure of Northwood Pulp Mill

VANCOUVER, British Columbia, July 14, 2026 (GLOBE NEWSWIRE) -- Canfor Corporation (TSX:CFP) today announced the permanent closure of its Northwood pulp mill in Prince George, British Columbia.

This closure results in an annual reduction of about 300,000 tonnes of Northern Bleached Softwood Kraft (NBSK) from Northwood. Approximately 300 employees in Prince George are directly impacted.

The pulp and paper sector continues to face significant challenges, including a structural shift in global pulp markets. Substantial additional pulp production capacity has come online globally, creating an oversupply in the market and downward pressure on global pulp prices. Combined with the persistent challenges accessing fibre, these factors have resulted in a prolonged period of unsustainable financial losses for Canfor Pulp. With no foreseeable improvement in the outlook, Canfor has made the difficult decision to close its Northwood facility.

"We recognize this is incredibly difficult news that will have a significant impact on our employees, their families, the businesses that support our operation, and the communities where we operate," said Susan Yurkovich, President and CEO, Canfor. "This decision is in no way a reflection of the dedication or hard work of our employees. The team at Northwood has worked tirelessly to improve performance, navigating challenging conditions to support their operation and we are grateful for their efforts. In the weeks ahead, we are committed to supporting our employees through this transition, including providing severance, and exploring opportunities to redeploy impacted employees to our other operating locations where possible."

Northwood will be following an orderly wind-down process and is expected to close in late Q4 2026.

Forward-looking statements.

Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on Management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations, and Canfor assumes no obligation to update such information to reflect later events or developments, except as required by law.

About Canfor.

Canfor is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. The Company has a 77% stake in Vida AB, Sweden's largest privately owned sawmill company. Canfor shares are traded on the Toronto Stock Exchange under the symbol CFP. For more information visit canfor.com.

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