NASHVILLE, Tenn., June 21, 2022 /PRNewswire/ — LP Building Solutions (LP) (NYSE: LPX) today announced an agreement with Pacific Woodtech to acquire LP’s Engineered Wood Products (EWP) business for $210 million. The acquisition includes LP’s laminate veneer and I-joist manufacturing facilities in Wilmington, North Carolina; Red Bluff, California; and golden, British Columbia, Canadathe associated timber license assets and the SolidStart® Mark. Completion of this transaction is subject to customary closing conditions and regulatory reviews and is expected to occur in the third quarter of 2022.
“We believe Pacific Woodtech is well positioned to invest in and grow the SolidStart brand, and its acquisition of LP’s EWP business marks another important step in LP’s ongoing strategic transformation,” said President and CEO. from the management of LP. South Brad. “We will work with Pacific Woodtech to ensure a smooth transition for our EWP employees, customers and suppliers. I would like to express my sincere thanks to the entire EWP team for their patience and professionalism throughout this process. I wish them all a good move forward.”
“Adding EWP installations in Golden, Wilmingtonand red bluff to Pacific Woodtech’s existing EWP business propels our business toward new growth,” said Pacific Woodtech’s President and CEO. Jim Enright. “We aim to drive positive change at the cutting edge of engineered wood products, and this acquisition will provide a more streamlined and focused EWP resource for the industry. We are committed to making this transition a seamless transition, which enables the retention and care of current employees, customers and suppliers and strengthens our leadership position in the EWP market in the future.”
LP’s financial advisor is UBS Investment Bank. LP’s legal advisors are Troutman pepper and Fasken Martineau DuMoulin LLP.
About LP Building Solutions
As a leader in high-performance building solutions, Louisiana-Pacific Corporation (LP Building Solutions, NYSE:LPX) manufactures engineered wood building products that meet the demands of builders, remodelers and homeowners worldwide entire. LP’s extensive offerings include innovative and reliable construction products and accessories, such as cladding solutions (LP® SmartSide® Trims and Coatings, LP® SmartSide® Expert finish® Trims and Coatings, LP BuilderSeries® Lap siding and LP® Exterior building solutions®), LP Structural Solutions (LP® TechShield® Radiant Barrier, LP WeatherLogic® Air and Water Barrier, LP Legacy® Premium and LP subfloor® FlameBlock® fire-resistant coating, LP NovaCore™ thermal insulation coating, and more), LP® Excellent® Subfloor and oriented strand board (OSB). In addition to product solutions, LP provides industry-leading customer service and warranties. Since its inception in 1972, LP has been building a better world™ by helping customers build beautiful, sustainable homes while our shareholders create lasting value. Based at Nashville, TNLP operates 25 factories in the United States, Canada, Chileand Brazil. For more information, visit LPCorp.com.
SOURCE LP Building Solutions