GP completes acquisition of Grant Forest Products' OSB mills in Canada and South Carolina for US$400M
Audrey Dixon
ATLANTA, Georgia
,
May 26, 2010
(press release)
–
Georgia-Pacific today announced that is has completed the purchase of Grant Forest Products' oriented strand board (OSB) facility at Englehart, Ontario, as well as the associated facility at Earlton, Ontario, and OSB facilities at Allendale and Clarendon, S.C. The acquisition, first announced in January, totaled approximately $400 million USD.
"This acquisition represents a long-term, strategic investment by Georgia-Pacific, which will add value to our customers and our existing operations in Canada and the United States," said Mark Luetters, President - Georgia-Pacific Wood Products. "Georgia-Pacific is committed to working closely with employees, customers and suppliers as well as local government and business to ensure that the transition is as smooth and seamless as possible. We look forward to hitting the ground running and maximizing the potential of these facilities."
Georgia-Pacific OSB products include BlueRibbon(R) rated sheathing and sub-floor, Thermostat(R) OSB radiant barrier sheathing, DryGuard(R) enhanced OSB sub-floor and Nautilus(R) wall sheathing with pre-applied house wrap. The company also will offer many of the additional products made at the new facilities, including larger panels.
The process for the acquisition has involved a series of governmental approvals on both sides of the U.S. and Canadian border. These have included the Canadian court overseeing the Grant Forest Products Companies' Creditors Agreement Act filing, the Canadian Competition Bureau, the United States Federal Trade Commission Investment Canada and the U.S. Bankruptcy Court in Delaware.
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