BURLINGTON, WASHINGTON, UNITED STATES (News release) -- Burlington, Washington-based Pacific Woodtech is excited to announce the acquisition of the prestigious Louisiana-Pacific Corporation's EWP (I-Joist and LVL) division for $210 million. The acquisition includes LP's laminated veneer lumber and I-Joist manufacturing facilities in Wilmington, North Carolina; Red Bluff, California; and Golden, British Columbia, associated timber license assets, and the SolidStart® brand.
The two companies have worked diligently to establish contract terms that recognize the value and strengths of their employees and customers, and the sale is targeted to close in early August. The acquisition comes as PWT expands its North American engineered wood product offerings while maintaining its reputation as an industry leader in unrivaled customer service and dedication to innovation and quality. PWT looked to LP's premier building solutions when identifying the ideal product mix -- one that meets the evolving needs of the current building market and answers the call for more sustainable building products.
"Adding Golden, Wilmington, and Red Bluff to PWT's existing EWP business will propel the company into new growth," said president and CEO Jim Enright. "PWT continues to drive positive change at the cutting edge of engineered wood products, and this acquisition will provide a more streamlined and focused resource for the industry. We are working hard to make this a seamless transition, one that allows for the retention and care of current employees and clients and strengthens PWT's position as a leading force in the EWP market going forward."
PWT has experienced impressive growth in the industry since its inception in 1998, a result of its commitment to innovation and its sole focus on engineered wood products for over twenty years. Today, PWT is the only EWP supplier to offer indoor and outdoor whole home solutions. Customers rely on the quality and reliability of the company's engineered wood knowing they can count on superior products across the entire line. This trust is backed by application expertise and distinguished customer service. PWT has always been a future-focused organization with environmental stewardship and sustainability woven into its company DNA - all raw materials are sourced from sustainably harvested timberlands.
"We believe that 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 LP Chair and Chief Executive Officer Brad Southern. "We will work with Pacific Woodtech to ensure a smooth transition for our EWP employees, customers, and suppliers. I want to express my sincere thanks to the entire EWP team for their patience and professionalism throughout this process. I wish them all the best moving forward."
Since 1998, Pacific Woodtech (PWT) has been one of the world's top producers of engineered wood products (LVL, Treated LVL and I-Joist), and holds a solid first place in product quality, process, and customer service. Our two-step distribution footprint is established with key distribution partners who service the residential construction market. Combined with specialty distribution that provides strategic Industrial EWP products, we are keenly positioned to service the needs of the EWP markets in North America.
The best building products come from the best people. Pacific Woodtech is committed to building a diverse team of the most talented, enthusiastic employees in the industry. Team members find a rewarding and comfortable work environment, competitive compensation and benefits, and a steadfast commitment to safety.
Pacific Woodtech is headquartered in Burlington, Washington, halfway between Seattle and Vancouver, B.C. in the heart of beautiful Skagit County. Here we enjoy sporting events, arts, fine dining, and other benefits of big city living, plus easy access to a wide variety of outdoor recreational adventures.
About LP Building Solutions
As a leader in high-performance building solutions, Louisiana-Pacific Corporation (LP Building Solutions, NYSE: LPX) manufactures engineered wood building products that meet the demands of builders, remodelers, and homeowners worldwide.
LP's extensive offerings include innovative and dependable building products and accessories. In addition to product solutions, LP provides industry-leading customer service and warranties. Since its founding in 1972, LP has been Building a Better WorldTMby helping customers construct beautiful, durable homes while our shareholders build lasting value.
Headquartered in Nashville, Tennessee, LP operates 25 plants across the U.S., Canada, Chile, and Brazil. For more information, visit LPCorp.com.