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A West Fraser lumber mill

West Fraser Timber Co. Ltd. doubled its quarterly dividend Tuesday and announced a new $125-million capital spending program.

After the close of markets, the forestry company said it would pay a quarterly dividend of 6 cents per share, up from 3 cents per share, to shareholders of record on Sept. 27.

The capital spending program, planned for the next 18 months, will focus on expanding and upgrading various operations in Alberta, the U.S. South and the B.C. Interior.

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"As a result of our strong balance sheet we are able to begin making significant capital improvements to our facilities to keep them at the forefront of technology and efficiency," chairman, president and chief executive officer Hank Ketcham said in a statement.

West Fraser has operations in Western Canada and the southern United States.

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