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West Fraser Timber

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West Fraser Timber Co. Ltd.
Company typePublic
TSX: WFG
NYSE: WFG
IndustryForestry
Founded1955; 69 years ago (1955) in Quesnel, British Columbia
HeadquartersVancouver, British Columbia, Canada
Key people
Ray Ferris, President & CEO
Henry H. Ketcham, Chairman
ProductsDiversified wood-based building materials
Revenue$10.518 billion USD (2021)[1]
Number of employees
10,625 (2021)
Websitewww.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, West Fraser had been recognized eight times as one of Canada's Top 100 Employers.[4]

History

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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

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  1. ^ "2021 Annual Report" (PDF). westfraser.com. West Fraser. pp. 1–120. Retrieved 13 March 2023.
  2. ^ Ltd, West Fraser Timber Co. "West Fraser Announces 2019 Annual and Fourth Quarter Results". www.newswire.ca. Retrieved 2020-04-10.
  3. ^ "Our Members". FPAC | The Forest Products Association of Canada. Retrieved 2020-04-10.
  4. ^ a b "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. p. H2c. Retrieved July 12, 2023 – via newspapers.com.
  6. ^ "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.
  7. ^ "Helicopter wreckage found". Ottawa Journal. November 12, 1977. p. 9. Retrieved July 14, 2023 – via newspapers.com.
  8. ^ "New timber chief". The Province. Vancouver. January 14, 1978. p. 16. Retrieved July 14, 2023 – via newspapers.com.
  9. ^ 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.
  10. ^ Lyon, Jim (May 17, 1986). "Initial public offering". National Post. Toronto. p. 27. Retrieved July 14, 2023 – via newspapers.com.
  11. ^ "Henry Ketcham". Forbes. 2012-04-18. Archived from the original on April 21, 2014. Retrieved 2014-05-19.
  12. ^ MacDonald, Autumn (February 20, 2013). "West Fraser notes improvements". Quesnel Cariboo Observer. Quesnel, British Columbia. p. A2. Retrieved July 14, 2023 – via newspapers.com.
  13. ^ "Executive: Raymond Ferris". westfraser.com. Retrieved July 14, 2023.
  14. ^ Jang, Brent (13 April 2020). "Jim Pattison boosts stake in West Fraser Timber prompting shareholder rights plan". The Canadian Press. Retrieved 4 October 2020.
  15. ^ Bell, Andrew (13 April 2020). "West Fraser Timber poison pill stirs speculation about Pattison's role". BNN Bloomberg. Retrieved 4 October 2020.
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