by Web Editor | Dec 29, 2015 | News
Georgia-Pacific LLC announced today that it has reached an agreement to sell its engineered lumber business to Boise Cascade for $215 million, including working capital. The transaction is subject to standard regulatory review and other customary closing conditions.
“Georgia-Pacific is firmly committed to the building products industry. Although the engineered lumber business has been profitable and employees have done a great job running safe, productive assets and meeting our customers’ needs, it is not a large part of our overall building products division,” said Mark Luetters, Georgia-Pacific executive vice president–building products. “We believe this potential sale to an established player in the industry is in the best interest of our engineered lumber employees, customers and stakeholders.”
Once completed, the sale will include the engineered lumber operations located at Thorsby, Alabama, (approximately 230 employees) and Roxboro, North Carolina, (approximately 40 employees), along with a commercial sales and technical team.
From LBM Journal: https://www.lbmjournal.com/georgia-pacific-to-sell-engineered-lumber-business-to-boise-cascade/
by Web Editor | Nov 9, 2015 | News
From: Panel World Staff
Weyerhaeuser Co. and Plum Creek announced a merger that will leave nearly two-thirds majority ownership in Weyerhaeuser shareholder hands. The combined company creates a $23 billion timber REIT (Real Estate Investment Trust) with more than 13 million acres of timberland in the U.S.
The combined company will retain the Weyerhaeuser name. As previously announced, Weyerhaeuser intends to move its headquarters to Seattle in mid-2016. Weyerhaeuser brings nearly 7 million acres and Plum Creek 6.3 million acres to the deal.
Weyerhaeuser also announced it is exploring “strategic alternatives” for its Cellulose Fibers business, including a possible sale. The company’s Cellulose Fibers business includes pulp mills in Port Wentworth, Ga.; Vanceboro, NC; Grande Prairie, Alberta; and a modified fiber mill in Columbus, Miss.; as well as other facilities internationally.
Plum Creek operates a medium density fiberboard plant, plywood mill and a board sawmill in Columbia Falls, Mont.; a plywood mill in Kalispell, Mont.; and a stud mill in Kalispell/Evergreen, Mont.
Weyerhaeuser operates approximately 11 sawmills in the Southern U.S., four in the Northwest and three in Canada. It also operates various engineered wood products facilities in North America.
Weyerhaeuser’s Doyle Simons will serve as president and CEO of the combined company. Plum Creek’s Rick Holley will serve as non-executive chairman of Weyerhaeuser’s board, which will be expanded to 13 directors, which will include eight directors from Weyerhaeuser and five from Plum Creek.
The transaction requires the approval of shareholders of both Weyerhaeuser and Plum Creek and is subject to customary closing conditions. The transaction is expected to close in late first quarter or early second quarter of 2016.
by Web Editor | Feb 11, 2015 | News
From: Panel World Staff
Norbord Inc. and Ainsworth Lumber Co. Ltd. announced that the Supreme Court of British Columbia has granted a final order approving the previously announced merger of Norbord and Ainsworth. Meanwhile Norbord and Ainsworth are providing the U.S. Dept. of Justice with the information it has requested about the transaction. Subject to the satisfaction of all closing conditions, the transaction is expected to close by the end of the first quarter.
The merger would create the largest OSB producer in the world with an OSB production capacity of 7.7 billion SF, according to the companies.
Norbord, based in Toronto, operates seven OSB North American mills, (six of them in the U.S. South) with one mill in Quebec, along with four mills in Europe. Ainsworth, based in Vancouver, BC, operates four Canadian OSB mills—three in Western Canada and one in Ontario. Prior to this transaction, Norbord reported it was third in OSB production capacity behind Louisiana-Pacific and Georgia-Pacific.
The new company will have opportunities to increase capacity through the expansion of Norbord’s OSB production in Western Europe, the restart of Norbord’s two idled mills in North America, and the completion of Ainsworth’s second line in Grand Prairie, Alberta.
The combined company will operate under the Norbord name. Upon completion of the transaction, Norbord shareholders will own 63% and Ainsworth shareholders will own 37% of the combined company.
Read more on this story in the March issue of Panel World…
