Latest news with #lumber
Bloomberg
5 days ago
- Business
- Bloomberg
Lumber Producer Remabec Cuts 1,000 Jobs in Quebec, Citing Tariffs
One of Canada's largest lumber producers, Groupe Rémabec, will temporarily lay off most of its workers as the industry faces rising US duties and weakening demand. The manufacturing division, Arbec Forest Products Inc., is shutting down indefinitely, leading to more than 1,000 immediate job cuts. The number may reach 1,400 in the coming weeks, according to a company statement that blamed 'persistent imbalances in both access to the resource and international markets.'
Yahoo
27-05-2025
- Business
- Yahoo
Al Schoeneman: A life of lumber and philanthropy
HARRISBURG, S.D. (KELO) — After more than 50 years in the lumber business, Al Schoeneman has decided to call it quits. From its downtown location, to the store on Western Avenue, for decades, Schoeneman's Building Materials was a staple in the Sioux Falls community. However, Schoeneman made an impact beyond selling lumber and screws. Last week, hundreds of people gathered to celebrate the retirement of Al Schoeneman. Schoeneman was the fourth generation to work at his family's lumber company. 'It was started by my great grandfather down in Walnut, Iowa,' Schoeneman said. Schoeneman's was established all the way back in 1888. Al got his start there in the 1970s. 'When I got out of college, I couldn't find another job, so I asked them my dad and uncle if I could to come to work in the business. They were happy to have me,' Schoeneman said. About a century after its founding, Schoeneman's moved its headquarters to Sioux Falls. Around 2008, Al took over Schoeneman's from his father Cecil and his uncle Herb, who were both in their 90s at the time. Veterans' park visitors honor the fallen During his time leading Schoneman's, Al became more than someone who sold building materials. Pat Costello got a front-row seat to Al's giving heart. 'His reach has been far and wide and deep in this community, and he is a quiet individual who has had an enormous impact,' Costello said. Al had a soft spot for non-profits. For example, he helped secure the lumber for the current building that makes up the St. Francis House. 'We have grown to what we are today, and we continue to grow. He helped build that foundation of our agency to take the next step,' St. Francis House CEO Julie Becker said. He was also someone the Eagle Scouts turned to whenever a new project rolled around. To show their gratitude, the Sioux Council Boy Scouts gifted Al a plaque and a coin. 'The stories that are shared about the never-ending parade perhaps of young Eagle Scout candidates trying to develop the plans for their Eagle leadership project as they came before Al seeking assistance and funding the donations for their Eagle Scout projects, lumber, hardware, all of the various things that were needed, and Al generously supported them,' former Sioux Council Boy Scouts president Reid Christopherson said His giving didn't stop at outside organizations. About 10 years ago, Al changed Schoeneman's to an ESOP, or an employee stock ownership plan. 'There's a lot of people that woke up with a lot more in their retirement account when that happened,' Costello said. But if you ask Al, his love for giving was something he learned from the people who came before him. 'That goes back to a lot of people in our community that kind of set the pace that all of us in my generation should do, that we should give back to the community and and different agencies that need help,' Schoeneman said. About one year ago, the remaining Schoeneman's locations were acquired by Builders First Source, a company headquartered out of Texas. At Al's retirement party, BFS employees wore a white shirt and black tie, an ode to how the Schoeneman's sales team used to dress. Now, after a proper sendoff, Al can start building the next chapter of his life. Jordan: What are you going to miss the most about this? Al: Just seeing the people. The people will miss him as well. 'What a legacy he has left in this community because of his generosity and his giving heart,' Becker said. 'To have a community made up of people like Al Schoeneman is beyond measure. It is just beyond belief what that man has done for the community,' Christopherson said. 'I just don't think you're going to find amore honest man with this much integrity, and he is just a sweetheart of a man. The world is a better place because of Al Schoeneman,' Costello said. Schoeneman was also named South Dakota Philanthropist of the Year in 2005 and was inducted into the South Dakota Hall of Fame in 2010. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
22-05-2025
- Business
- Yahoo
Weyerhaeuser to sell Princeton, B.C., lumber mill to Gorman Group for C$120M
Weyerhaeuser (WY) announced it has reached an agreement to sell its lumber mill in Princeton, British Columbia, to the Gorman Group, owners of Gorman Bros. Lumber Ltd., a family-owned wood products manufacturer headquartered in West Kelowna, B.C. The purchase price is approximately C$120M in cash, which includes Weyerhaeuser's manufacturing facility, all associated timber license assets in British Columbia and the value of working capital, which will be subject to customary purchase price adjustments at closing. The transaction is subject to customary closing conditions, including regulatory review, with the sale of the mill expected to be completed in third-quarter 2025, and the forest tenures to follow over the ensuing months. Weyerhaeuser expects to recognize a gain on the sale and incur a tax liability of approximately C$15M. Weyerhaeuser's other operations in Canada will not be affected by this transaction, and the company will continue to operate the Princeton mill independently of the Gorman Group until the transaction closes. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on WY: Disclaimer & DisclosureReport an Issue Weyerhaeuser Holds Annual Shareholders Meeting on May 9 Weyerhaeuser authorizes new $1B share repurchase program Weyerhaeuser Reports Solid Q1 Earnings Amid Market Challenges Weyerhaeuser's Earnings Call: Growth Amid Challenges Weyerhaeuser's Strong Q1 Performance and Strategic Positioning Justify Buy Rating
Yahoo
22-05-2025
- Business
- Yahoo
Weyerhaeuser Agrees to Sell Princeton Lumber Mill in B.C. to Gorman Group
Weyerhaeuser Company (NYSE:WY) has agreed to sell its Princeton, British Columbia lumber mill to the Gorman Group, the parent company of Gorman Bros. Lumber Ltd., a family-run wood products firm based in West Kelowna, B.C. The two companies have a long history of working together, with Gorman Bros. currently serving as the Princeton mill's largest customer. The Gorman Group has operated in Canada for over 75 years and has facilities across B.C. and Washington state. Founded in 1900, Weyerhaeuser Company (NYSE:WY) is one of the largest private timberland owners, managing 10.4 million US acres and licensed lands in Canada. The company is a leader in sustainability and also ranks among North America's top wood products manufacturers. It has operations in real estate, energy, and climate solutions. The deal, valued at roughly CAD 120 million in cash, includes the mill, associated timber licenses in British Columbia, and working capital, with the final price subject to standard closing adjustments. Devin W. Stockfish, president and chief executive officer for Weyerhaeuser, made the following comment on the deal: "We are grateful to all the dedicated employees who contributed to the success of our Princeton operations over the years. The community has always been incredibly welcoming and supportive of our mill and people, and it was important for us to sell to a local buyer with deep roots in the region. Gorman has been a great customer and strategic partner, and we believe this will be a seamless transition that will position the mill for future success in a challenging operating environment — providing long-term certainty for the mill and the broader community." Weyerhaeuser Company (NYSE:WY) expects a gain from the sale and anticipates facing a tax expense of around CAD 15 million. The company's other Canadian operations will remain unchanged, and it will continue running the Princeton mill separately from the Gorman Group until the deal is finalized. While we acknowledge the potential of WY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WY and that has 100x upside potential, check out our report about this cheapest AI stock. READ MORE: and Disclosure. None.
CBS News
19-05-2025
- Business
- CBS News
Conservation group that protects Santa Cruz Mountains celebrates 125th anniversary
In March, President Trump issued an executive order to increase the production of lumber on federal lands, calling it a matter of national security. But conservation groups have fought hard to preserve America's forests for the future, including one that, on Sunday, was celebrating its past. Roaring Camp in the Santa Cruz mountains is a replica of an old West mining town in the 1800s. But with tall trees towering overhead, it may not have looked exactly like that back then. "There was clear-cut logging throughout the Santa Cruz mountains," said David Cowman, director of land stewardship for the conservation group Sempervirens Fund. "Clear-cut logging means that any tree that can be cut and sold for commercial benefit or used for a commercial benefit is cut and sold. You can look at historical photos where there are essentially no large, mature trees left in any of these locations." That's because, back then, the forests were considered an economic resource to be exploited and not much thought was given to leaving anything behind. But around the turn of the century, it began to dawn on people that it was possible to lose the majestic forests, and the Sempervirens Fund was born. "It was pretty unusual for the vision of that crew of people who really saw the potential to preserve it for future generations," said Sempervirens board member Vishy Venugopalan. "And so, they banded together, acquired the land for conservation purposes, and that really set in motion the California State Parks, and eventually, the National Parks, as well." They've been preserving redwood forest land ever since. The first area saved by Sempervirens eventually became Big Basin State Park, California's first state park. Since then, they have protected more than 35,000 acres of forest in the Santa Cruz Mountains. On Sunday, Sempervirens celebrated its 125th anniversary, as the group that invented the concept of the conservation land trust. "It wasn't just about, 'Oh, let's conserve the environment, otherwise something bad's going to happen in the future,'" said Venugopalan. "It was just that these [trees] are almost like a national treasure that needs to be conserved for future generations and not just exploited." And that's why Mr. Trump's vision of the nation's forests as an economic asset has many in the conservation movement worried that the past may be repeating itself. Lee and Alice Pullen from Capitola were out hiking amongst the trees. Lee's walking stick was adorned with badges from the many national parks they've visited. "Glorious and peaceful. Just relaxing," said Alice as she gazed up at the canopy above. "You need it in our lives with so much hustle, bustle." But Lee, 83, once worked in a sawmill in Montana. He said he sees the importance of both lumber production and preserving the beauty of nature. "I'm glad there's a balance. You need a balance," he said. "You can't go this way, and you can go crazy the other way. From don't cut any trees, to mow them all down. I'm in the middle." There's not a lot of middle ground in the country these days. It feels like people who can see both sides are becoming as rare as the old-growth redwood trees themselves.
