Massive layoffs face town. (Forestry News).Longlac Wood Industries, in the Municipality MUNICIPALITY. The body of officers, taken collectively, belonging to a city, who are appointed to manage its affairs and defend its interests. of Greenstone green·stone n. Any of various altered basic igneous rocks colored green by chlorite, hornblende, or epidote. greenstone Noun NZ a type of green jade used for Maori carvings and ornaments , closed its doors in early November and company officials say the plant could remain idle for up to a year. Over 400 plant employees found themselves out of work in early November when the mill ceased operations. No plans have been made to resume operations, however, company officials say the mill will not be mothballed. The mill, which sells hardwood panelling and house construction products to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. has been the area's top employer for over three decades. While their wood products are not subject to U.S. softwood softwood Timber obtained from coniferous trees (mainly of the pine and fir families). With the exception of bald cypress, tamarack, and larch, softwood trees are evergreens. lumber tariffs, company officials say prices have been in a slump for the past year and continue falling. Waferboard has dropped from $250 per 1,000 square feet to $150 per 1,000 square feet. Mill officials say the company has been losing money over the last year due to depressed prices Depressed price In the context of stocks, stock whose market price is low in comparison to stocks in its sector. . Longlac Wood Industries is owned by Montreal-based forestry giant Kruger Inc. |
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