LP completes sale of its engineered wood products business
NASHVILLE, TN — LP Building Solutions (LP) has completed the previously announced sale of its engineered wood products (EWP) business to Pacific Woodtech for $210 million.
The acquisition includes LP’s laminate veneer and I-joist manufacturing facilities in Wilmington, NC; Red Bluff, California; and Golden, British Columbia, Canada, the associated timber license assets and the SolidStart brand.
In a statement, Pacific Woodtech said the acquisition of LP’s EWP business marks another important step in its ongoing strategic transformation.
“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 Brad Southern, President and CEO of LP. “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 facilities in Golden, Wilmington and Red Bluff to Pacific Woodtech’s existing EWP operations propels our business toward further growth,” said Jim Enright, President and CEO of Pacific Woodtech. “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 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.”