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Louisiana-Pacific Corp. (NYSE: LPX), Nashville, TN, has agreed to acquire Ainsworth Lumber Co. (TSX: ANS), Vancouver, BC, for about $1.1 billion.
Ainsworth is a manufacturer of oriented strand board with a focus on value-added specialty products for markets in North America and Asia. Ainsworth’s four OSB manufacturing facilities, located in Alberta, British Columbia and Ontario, have a combined annual capacity of 2.5 billion square feet, with the potential to increase capacity to 3.1 billion square feet with the expansion at Ainsworth’s mill in Grande Prairie, AB.
“Ainsworth has very high quality assets and provides us with an expanded suite of strand-based products and technologies, additional access to key international growth markets, particularly in Asia, and enhanced scale and efficiencies in North America," said Curt Stevens, LP’s CEO.
LP currently employs more than 1,200 people in Canada, representing one-third of its total North American workforce.