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LP Building Solutions, Maibec Enter Joint Agreement to Acquire LP´s East River Facility and CanExel Brand
Monday 02 March 2020

2 March 2020 - US-based building products company LP Building Solutions (LP) (NYSE: LPX) has entered a joint agreement with Canada-based prefinished siding provider Maibec for Maibec's acquisition of LP's Nova Scotia-based East River facility as well as the assets and brand rights for siding product CanExel, the company said.

Terms of the transaction were not disclosed.

With this move and the recently announced conversion of LP Roaring River to a strand prefinishing facility, LP's Siding business will focus exclusively on supporting the high customer demand for its strand-based siding products.

The decision to remove fiber products from LP's portfolio allows the company to mobilise additional resources, increase focus and commitment for LP SmartSide strand siding technology, and accelerate growth of LP SmartSide ExpertFinish, a new line of prefinished strand-based siding.

With LP Roaring River's conversion to a strand prefinishing facility and its recent acquisitions of prefinishing facilities in St. Louis and Green Bay, LP is able to provide the facilities, capabilities and expertise needed to support ExpertFinish and grow the prefinishing market.

LP Building Solutions manufactures uniquely engineered, innovative building products that meet the demands and needs of the building industry.

Its extensive product portfolio includes durable and dependable exterior siding and trim systems, engineered wood framing and structural panels for single-family homes, multifamily projects, repair and remodel markets, light commercial facilities and outdoor buildings.

Maibec Inc. is a prefinished siding system specialist, and a producer of prefinished White Cedar shingles in North America, the leading Canadian manufacturer of prefinished wood siding, and a large supplier of cedar mulch for the Canadian and American markets.
Details
Date Published: 02/03/2020
Target: LP/Nova Scotia-based East River facility, siding product CanExel
Country: Canada
Sector: Construction/Real Estate
Type: Corporate acquisition
Financing:
Status: Agreed
Vendor: LP Building Solutions,  
Buyer: Maibec
Comment:
Terms of the deal were not disclosed

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