PotlatchDeltic Announces COVID-19 Market-Related Plywood Downtime
PotlatchDeltic Corporation (“PotlatchDeltic”) announced plans to temporarily halt production at its St. Maries, Idaho industrial plywood facility as a result of the impact of the COVID-19 pandemic on plywood markets. Starting April 20, 2020 the St. Maries, Idaho plywood facility will halt production for two weeks and curtailments may be extended depending on market conditions. All other businesses, including lumber mills in Idaho, Michigan, Minnesota, and Arkansas, continue to operate, but are closely monitoring market conditions.
“The health and safety of our employees is our highest priority. Federal, state and local recommended measures have been adopted to protect employees from COVID-19, including office employees working remotely, travel restrictions, disinfecting, screening outsiders, and physical distancing,” said Mike Covey, chairman and chief executive officer. “Although it is our intent to operate all of our businesses that have been declared essential during the pandemic, we have to balance this with customer demand and market conditions. Our balance sheet remains strong and PotlatchDeltic will outlast the pandemic and be ready to return to 100% capacity when conditions return to normal,” stated Mr. Covey.
PotlatchDeltic (NASDAQ:PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 1.9 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest practices, is dedicated to long-term stewardship and sustainable management of its timber resources. More information can be found at www.potlatchdeltic.com.
Jerry Richards – Investor Relations – (509) 835-1521
Source: PotlatchDeltic Corporation