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West Fraser Timber

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], West Fraser had been recognized eight times as one of Canada's Top 100 Employers.[4]

History

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]

Operations

The company's operations are divided into three major business segments:

  • Lumber
  • Engineered Wood Products (EWP)
  • Pulp & Paper

External links

References

  1. 2023 Annual Report retrieved December 23, 2024^
  2. West Fraser Timber Co Ltd. West Fraser Announces 2019 Annual and Fourth Quarter Results www.newswire.ca, retrieved 2020-04-10^
  3. Our Members FPAC, retrieved 2020-04-10^
  4. West Fraser's Lumber Legacy home.crs, retrieved July 14, 2023^
  5. Announcing the 2009 Business Laureates of British Columbia Hall of Fame Inductees Vancouver Sun, January 10, 2009, retrieved July 12, 2023^
  6. The anchor of S.S. West Fraser Quesnel Cariboo Observer, December 17, 1995, retrieved July 12, 2023^
  7. Helicopter wreckage found Ottawa Journal, November 12, 1977, retrieved July 14, 2023^
  8. New timber chief The Province, January 14, 1978, retrieved July 14, 2023^
  9. Jim Lyon. West Fraser going public while lumber price is right National Post, April 5, 1986, retrieved July 12, 2023^
  10. Jim Lyon. Initial public offering National Post, May 17, 1986, retrieved July 14, 2023^
  11. Henry Ketcham Forbes, 2012-04-18, retrieved 2014-05-19^
  12. Autumn MacDonald. West Fraser notes improvements Quesnel Cariboo Observer, February 20, 2013, retrieved July 14, 2023^
  13. Executive: Raymond Ferris westfraser.com, retrieved July 14, 2023^
  14. Brent Jang. Jim Pattison boosts stake in West Fraser Timber prompting shareholder rights plan The Canadian Press, 13 April 2020, retrieved 4 October 2020^
  15. Andrew Bell. West Fraser Timber poison pill stirs speculation about Pattison's role BNN Bloomberg, 13 April 2020, retrieved 4 October 2020^