Oregon Wildfires Hit Logging Companies and Their Families Hard

The wildfires in Oregon continue to smolder and some are still burning. Rex Storm, executive vice president of Associated Oregon Loggers, estimates companies lost $100 million due to the fires, about 40% in destroyed equipment. Storm went onto say that ā€œEveryone thinks about the burned-up equipment, but there was so much more including lost income due to idling time, moving equipment and access to capital.ā€ Storm goes onto point out that companies must continue to pay equipment and tax payments even though they are not generating income. As an example, there is Lucas Hufford, age 39, his family owns Timberline Logging, based out of Sweet Home, Oregon. Thankfully, the fire only came within a mile of his family home, but he estimates that he has lost $ 2 million in equipment, which he notes was insured, but now the insurance adjustment policy has just begun. When asked if he and his 7-man crew would help on the fire lines they immediately responded and spent 7-days on property owner by Campbell Global above Cougar Reservoir.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Original Source:
Logging companies hit hard by area wildfires