GreenFirst Announces Significant Reduction in SG&A and Overhead Expenses

TORONTO -- GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst” or the “Company”) has announced significant initiatives to reduce its selling, general, and administrative (“SG&A”) and overhead expenses to improve the Company's cost-competitiveness for the long term. Compared to 2023, on an annualized basis, the initiatives are projected to significantly decrease SG&A and overhead costs resulting in total savings of approximately $8 million, net of costs and expenses incurred to realize the savings. This represents an approximate 15% reduction in overhead personnel and 30% in savings related to SG&A costs and will start to materialize through 2024, with the targeted run rate to be achieved by the second half of this year. The Company will target SG&A costs of $40/mfbm or lower, for the third quarter of 2024, and will track this measure for our shareholders in subsequent quarters. Read More