by Web Editor | Feb 7, 2018 | News
Panel producer Norbord has posted record earnings in 2017 for its worldwide business. The company also achieved record production at nine of its 15 mills, while the Inverness OSB expansion project was also completed.
Peter Wijnbergen, Norbord’s president and CEO, described 2017 as an outstanding year, with record adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of US$672m. “US housing starts continued to improve, led by stronger growth in the single-family segment, driving increased North American OSB demand and prices,” he said. “Our European business had another solid year due to record sales volumes and improved prices for all our panel products across our key markets.”
He highlighted “great momentum” moving into 2018, with demand in all its core markets remaining strong.
“Meanwhile, our European business is poised for improved earnings next year as OSB substitution for plywood drives accelerated demand growth in our core UK and German markets.”
In Europe, shipments increased 5% over the prior year, with its mills running at 99% of capacity in 2017. In local currency terms, full-year average panel prices improved 11% from 2016.
From Timber Trades Journal: https://www.ttjonline.com/news/strong-panels-markets-boost-norbord-earnings-6046604/
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…
