Doman Building Materials Group Ltd. Announces Response to the Recently Proposed U.S. Tariffs
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, British Columbia, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Doman Building Materials Group Ltd. (“Doman” or “the Company”) (TSX:DBM) announced today its response to President elect Trump’s proposed 25% tariffs on goods entering the United States from Canada (the “Proposed US Tariffs”).
Although no material details were announced in respect of the Proposed US Tariffs, the Company’s businesses in each country generally operate independently. Accordingly, other than any business already subject to Softwood Lumber duties, the Company does not currently expect to be impacted materially by the Proposed US Tariffs on goods imported to the United States from Canada.
“Given the magnitude of President elect Trump’s proposed tariffs and given our growing presence in Canada and even more so in the US, we want to ensure that all of our stakeholders are well informed that based on expectations today, our business would not be impacted in a material way,” commented Amar S. Doman, Chairman and CEO. “Given we run two self-sustaining businesses on both sides of the border, with neither relying materially on the other for products, we don’t anticipate an impact to our business based on what has been proposed to date.”
About Doman Building Materials Group Ltd.
Founded in 1989, Doman is headquartered in Vancouver, British Columbia, and trades on the Toronto Stock Exchange under the symbol DBM.
As Canada’s only fully integrated national distributor in the building materials and related products sector, Doman operates several distinct divisions with multiple treating plants, planing and specialty facilities and distribution centres coast-to-coast in all major cities across Canada and coast-to-coast across the United States.
Strategically located across Canada, Doman Building Materials Canadaoperates distribution centres coast-to-coast, and Doman Treated Wood Canadaoperates multiple treating plants near major cities. In the United States; headquartered in Dallas, Texas, Doman Lumberoperates 21 treating plants, two specialty planing mills and five specialty sawmills located in nine states, distributing, producing and treating lumber, fencing and building material servicing the central U.S.; Doman Tucker Lumberoperates three treating plants, specialty sawmilling operations and a captive trucking fleet serving the U.S. east coast; Doman Building Materials USA and Doman Treated Wood USA serve the U.S. west coast with multiple locations in California and Oregon; and in the state of Hawaii the Honsador Building Products Groupservices 15 locations across all the islands. The Company’s Canadian operations also include ownership and management of private timberlands and forest licenses, and agricultural post-peeling and pressure treating through its Doman Timber operations.
For additional information on Doman Building Materials Group Ltd., please refer to the Company’s filings on SEDAR+ and the Company’s website www.domanbm.com
For further information regarding Doman please contact:
Ali Mahdavi
Investor Relations
416-962-3300
ali.mahdavi@domanbm.com
Certain statements in this press release may constitute “forward-looking” statements, including statements regarding the potential impact of the Proposed US Tariffs on the Company’s business. When used in this press release, forward-looking statements often but not always, can be identified by the use of forward-looking words such as, including but not limited to, “may”, “will”, “intend”, “should”, “expect”, “believe”, “outlook”, “predict”, “remain”, “anticipate”, “estimate”, “potential”, “continue”, “plan”, “could”, “might”, “project”, “targeting” or the inverse or negative of these terms or other similar terminology. These statements are based on management’s current expectations regarding future events and operating performance, and on information currently available to management, speak only as of the date of this press release and are subject to risks and assumptions which are described in the Company’s current Annual Information Form dated March 28, 2024 (“AIF”) and the Company’s public filings on the Canadian Securities Administrators’ website at www.sedarplus.com (“SEDAR”) and as updated from time to time. These risks and uncertainties may cause actual results to differ materially from those contained in the statements. Such statements reflect management’s current views and are based on certain assumptions. They are, by necessity, only estimates of future developments and actual developments may differ materially from these statements due to a number of known and unknown factors. Investors are cautioned not to place undue reliance on these forward-looking statements.
In addition, there are numerous risks associated with an investment in the Company’s common shares and senior unsecured notes, which are also further described in the periodic and other reports filed by Doman with Canadian securities commissions and available on SEDAR in the “Risk Factors” sections of Doman’s annual information form dated March 28, 2024, as may be updated from time to time. These forward-looking statements speak only as of the date of this press release. We caution that the foregoing factors that may affect future results are not exhaustive. When relying on our forward-looking statements to make decisions with respect to Doman, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
Neither Doman nor any of its associates or directors, officers, partners, affiliates, or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in these communications will actually occur. You are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable securities laws and legal or regulatory obligations, Doman is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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