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West Fraser to get 14m CAD for fire damage in Quesnel

07.08.2020 − 

During the course of the second quarter, West Fraser Timber came to an agreement with its insurance company on outstanding payments for the damage caused by an explosion and an ensuing fire at the beginning of March 2016 at the MDF works trading under the name of “WestPine” in Quesnel, British Columbia.

The works was unable to resume operation until March 2017 after downtime of roughly one year. In the settlement now reached, the insurance company has agreed to paying another 19m CAD before the end of the third quarter. West Fraser gives the effect of this payment on its results as 14m CAD. Half of this amount comprises payments for damage to assets and half for operating downtime. The 7m CAD for the operating downtime had already been included in West Fraser’s “Panels” division’s EBITDA in the second quarter.

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