The Board of Directors of West Fraser Timber Co. Ltd. has declared a quarterly dividend of $0.06 per share on the Common shares and Class B Common shares in the capital of the Company, payable on October 12, 2010 to shareholders of record on September 27, 2010. This represents an increase from the previous quarterly dividend of $0.03 per share.
Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.
The Company also announced a new $125 million capital spending program which will focus on expanding and upgrading various solid wood operations in Alberta, the U.S. South and the B.C. interior. The program is expected to be carried out over the next 18 months.
Hank Ketcham, West Fraser’s Chairman, President and CEO, said "As a result of our strong balance sheet we are able to begin making significant capital improvements to our facilities to keep them at the forefront of technology and efficiency."
West Fraser is an integrated wood products company producing lumber, wood chips, LVL, MDF, plywood, pulp and newsprint. The Company has operations in western Canada and the southern United States.
