Investing.com Ratifies New Collective Bargaining Agreement By United Steelworkers Employees

VANCOUVER, British Columbia, Jan. 17, 2025 (GLOBE NEWSWIRE) — Western Forest Products Inc . (TSX: WEF) (Western or the Company) announced today that its hourly employees represented by the United Steelworkers Local 1- 1937 (USW) have voted to ratify a new collective agreement to replace the collective agreement that expired on June 14, 2024. The new six-year collective agreement has a retroactive effective date of June 15, 2024, expiring on June 14, 2030. and foresees the following general salary increases:

The new contract also includes improvements to certain benefits and conditions of mutual interest to USW and the company. It will apply to approximately 1,000 members of Western’s hourly workforce represented by the USW, as well as those third-party contractors who accept Western’s collective bargaining agreement.

Commenting on the positive ratification, Western President and CEO Steven Hofer said: We are pleased that members of our USW representation team have reviewed the terms of the new collective agreement and found that it meets their interests and needs. The fact that the negotiating teams for USW and Western were able to build one of the longest-term agreements in the history of the BC coastal forest sector is a testament to their hard work, respectful engagement and focus on common goals. The BC forest sector faces many challenges, and with this successfully concluded agreement, we look forward to working with our union colleagues to build a brighter future for our company.

About Western Forest Products Inc.

Western is an integrated forest products company building a margin-driven log and lumber business to compete successfully in the global softwood markets. With operations and employees located primarily in coastal British Columbia and Washington State, Western is a leading supplier of high-value, specialty forest products to global markets. Western has a lumber capacity of 885 million board feet from six sawmills, as well as four remanufacturing facilities and two glulam manufacturing facilities. The company sources timber from its private properties, long-term licenses, First Nations arrangements and market purchases. Western supplements its production through a wholesale program, providing customers with a comprehensive offering of specialty products.

Forward-looking statements

This press release contains statements that may constitute forward-looking statements under applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking statements. All statements herein, other than statements of historical fact, may be forward-looking statements and may be identified by the use of words such as will, plans, forward-looking, expects and similar references to future periods. Forward-looking statements in this press release include, but are not limited to, statements regarding the Company’s growth. Although such statements reflect management’s current reasonable beliefs, expectations and assumptions, there can be no assurance that forward-looking statements are accurate, and actual results or performance may vary materially. Many factors could cause our actual results or performance to differ materially, including future supply and demand for forest products, global economic and financial conditions, the regulatory framework within which the company currently operates and the factors set forth in the Risks and Uncertainties section of our MD&A in our annual report for 2023 from February 13, 2024.

Source: Western Forest Products Inc.