by Web Editor | Feb 7, 2018 | News
Panel producer Norbord has posted record earnings in 2017 for its worldwide business. The company also achieved record production at nine of its 15 mills, while the Inverness OSB expansion project was also completed.
Peter Wijnbergen, Norbord’s president and CEO, described 2017 as an outstanding year, with record adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of US$672m. “US housing starts continued to improve, led by stronger growth in the single-family segment, driving increased North American OSB demand and prices,” he said. “Our European business had another solid year due to record sales volumes and improved prices for all our panel products across our key markets.”
He highlighted “great momentum” moving into 2018, with demand in all its core markets remaining strong.
“Meanwhile, our European business is poised for improved earnings next year as OSB substitution for plywood drives accelerated demand growth in our core UK and German markets.”
In Europe, shipments increased 5% over the prior year, with its mills running at 99% of capacity in 2017. In local currency terms, full-year average panel prices improved 11% from 2016.
From Timber Trades Journal: https://www.ttjonline.com/news/strong-panels-markets-boost-norbord-earnings-6046604/
by Web Editor | Feb 3, 2016 | News
Norbord To Invest $135 Million In Scotland OSB Mill
Canadian firm Norbord has announced plans to invest £95m at its wood panels plant in the Highlands. It aims to double production at its base in Dalcross, near Inverness, to meet rising demand. Highlands and Islands Enterprise has also offered an £11m grant towards the proposed expansion. The factory produces oriented strand boards (OSB) which are used in the construction industry.
Alex Paterson, chief executive of Highlands and Islands Enterprise said: “We have been working very closely with Norbord on their development plans and are delighted to be supporting the company to invest so substantially in its Highland base.
“This development will put Norbord’s Inverness plant on a sustainable footing for decades to come, and is a huge vote of confidence in the company’s Scottish workforce.
“It’s worth noting that the positive impact of today’s announcement will be felt well beyond Inverness and the Inner Moray Firth. “Norbord is not only a significant local employer in its own right, it also plays an important strategic role in the region’s forestry sector and is a major user of haulage companies and port infrastructure.”
From STV News: news.stv.tv
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