Rockshield Engineered Wood Products ULC secures Cochrane’s future

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COCHRANE, ONTARIO – Rockshield Engineered Wood Products ULC, owner and operator of a premium hardwood core plywood manufacturing plant in Cochrane, Ont., Has announced that the Ontario Superior Court has approved the proposal made. to creditors in the context of its restructuring proceedings initiated on February 8, 2021.

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Rockshield restarted the plant after acquiring it in 2014. Due to cash constraints due to, among other things, seasonal fluctuations in inventory, Rockshield has initiated restructuring proceedings to honor its obligations to its creditors.

On July 13, 2021, Rockshield’s general unsecured creditors approved a proposal that would allow the company to continue in business and preserve jobs for the town of Cochrane and surrounding areas. The proposal was approved by the Ontario Superior Court on September 16, 2021.

The factory is the largest source of economic activity and generates income for more than 200 people, including those directly employed at the factory.

“We have started this process with the intention of revitalizing the plant and I am pleased that we have achieved this goal,” said Tom Scott, CEO. “I am especially grateful to The Bank of Nova Scotia, our suppliers and vendors, employees and community partners who shared our vision and helped us ensure that the plant will be a pillar of the northern economy. ‘Ontario for decades to come.

The biggest challenge they have before them is to improve their workforce to reach the production potential that the factory has to offer. The labor shortage is proving to be a problem across Canada, particularly in areas where employment opportunities are plentiful. Rockshield would like to be the employer of choice where people can advance their careers and be proud of where they work.

The plant is currently working at full capacity. Upon exiting Creditor Protection, Rockshield intends to focus its efforts on improving its workforce and developing the plant’s production capacity for long-term growth.

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