West Fraser Timber
 | |
 A railcar loaded with West Fraser lumber | |
| Company type | Public |
|---|---|
| TSX: WFG NYSE: WFG | |
| Industry | Forestry |
| Founded | 1955 in Quesnel, British Columbia |
| Headquarters | Vancouver, British Columbia, Canada |
Key people | Ray Ferris, President & CEO Henry H. Ketcham, Chairman |
| Products | Diversified wood-based building materials |
| Revenue |  US$6.454 billion[1] (2023) |
| US$−284 millions[1] (2023) | |
| US$−167 millions[1] (2023) | |
| Total assets | US$9.415 billion[1] (2023) |
| Total equity | US$7.223 billion[1] (2023) |
Number of employees | 10,800 (2023)[1] |
| Website | www.westfraser.com |
West Fraser Timber Co. Ltd., commonly known as "West Fraser", is a Canadian forestry company that produces lumber, laminated veneer lumber (LVL), medium-density fibreboard (MDF), oriented strand board (OSB), plywood, pulp, newsprint, and wood chips.[2] Based in Vancouver, British Columbia, the company is a member of the Forest Products Association of Canada.[3] As of 2023[update], West Fraser had been recognized eight times as one of Canada's Top 100 Employers.[4]
History
[edit]West Fraser Timber was founded in 1955 by three brothers from Seattle: Samuel Kendall Ketcham, Henry Holman ("Pete") Ketcham Jr., and William Peters Ketcham.[5] Their father was Hank Ketcham, who played college football for the Yale Bulldogs and was inducted to the College Football Hall of Fame.[6]
The three brothers decided to do business together and purchased a small planing mill in Quesnel, British Columbia. Samual Ketcham served as president of the company until his death in November 1977 in a helicopter crash.[7] He was succeeded by Douglas Johnston,[8] and later by Chester Johnson. Henry H. Ketcham, son of "Pete" Ketcham, became president in 1985.[9] He led the company through an initial public offering in May 1986.[10] Later, Ketcham also became CEO and oversaw the company until 2012.[11] Ted Seraphim subsequently became president and then CEO,[12] until being succeeded by Raymond Ferris as president in April 2018 and CEO in June 2019.[13]
As of 2018, "West Fraser has become the largest lumber manufacturer in North America with 8,600 employees globally – about 5,000 in Western Canada – at about 50 locations."[4]
In April 2020, it was revealed that Canadian business magnate Jim Pattison had upped his stake in West Fraser to 13.8% ownership, prompting speculation that the billionaire had plans to merge the company with Canfor, of which he owns 51%. In response, West Fraser adopted a shareholder rights plan or "poison pill" in order to defend against any attempts at a takeover.[14][15]
References
[edit]- ^ a b c d e f "2023 Annual Report" (PDF). Retrieved December 23, 2024.
- ^ Ltd, West Fraser Timber Co. "West Fraser Announces 2019 Annual and Fourth Quarter Results". www.newswire.ca. Retrieved 2020-04-10.
- ^ "Our Members". FPAC | The Forest Products Association of Canada. Retrieved 2020-04-10.
- ^ a b "West Fraser's Lumber Legacy". home.crs. Retrieved July 14, 2023.
- ^ "Announcing the 2009 Business Laureates of British Columbia Hall of Fame Inductees". Vancouver Sun. January 10, 2009. p. H2c. Retrieved July 12, 2023 – via newspapers.com.
- ^ "The anchor of S.S. West Fraser". Quesnel Cariboo Observer. Quesnel, British Columbia. December 17, 1995. p. Sup. 13. Retrieved July 12, 2023 – via newspapers.com.
- ^ "Helicopter wreckage found". Ottawa Journal. November 12, 1977. p. 9. Retrieved July 14, 2023 – via newspapers.com.
- ^ "New timber chief". The Province. Vancouver. January 14, 1978. p. 16. Retrieved July 14, 2023 – via newspapers.com.
- ^ Lyon, Jim (April 5, 1986). "West Fraser going public while lumber price is right". National Post. Toronto. p. 25. Retrieved July 12, 2023 – via newspapers.com.
- ^ Lyon, Jim (May 17, 1986). "Initial public offering". National Post. Toronto. p. 27. Retrieved July 14, 2023 – via newspapers.com.
- ^ "Henry Ketcham". Forbes. 2012-04-18. Archived from the original on April 21, 2014. Retrieved 2014-05-19.
- ^ MacDonald, Autumn (February 20, 2013). "West Fraser notes improvements". Quesnel Cariboo Observer. Quesnel, British Columbia. p. A2. Retrieved July 14, 2023 – via newspapers.com.
- ^ "Executive: Raymond Ferris". westfraser.com. Retrieved July 14, 2023.
- ^ Jang, Brent (13 April 2020). "Jim Pattison boosts stake in West Fraser Timber prompting shareholder rights plan". The Canadian Press. Retrieved 4 October 2020.
- ^ Bell, Andrew (13 April 2020). "West Fraser Timber poison pill stirs speculation about Pattison's role". BNN Bloomberg. Retrieved 4 October 2020.
External links
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