NASHVILLE, Tenn. - Louisiana-Pacific Corp. has entered into an agreement to acquire International Barrier Technology Inc. for $22 million. The deal gives LP 100 percent of the fire retardant coatings company.

The acquisition is expected to close in October, subject to shareholder approval and customary conditions, including court approval. Barrier, which has its executive office in Watkins, Minnesota, also has a registered office in Vancouver, British Columbia. The company's technology is used in products such as LP FlameBlock® OSB panels.

LP CEO Brad Southern said the trend for more fire resistance in residential and commercial buildings continues to escalate, driven by changing building codes and their enforcement. “We are confident that this acquisition will help accelerate our growth into new markets,” he said.

“Flame retardant products are a key development target of our growth and innovation plans.”

Barrier will be a wholly owned subsidiary of LP (NYSE: LPX) and will operate as part of LP’s OSB business. LP said it will continue to honor Barrier's existing contracts and customer services.

"We believe our fire resistant technology is in great hands with an innovative company like LP,” said Barrier CEO Mike Huddy.

The company said it will de-list its stock following the completion of the transaction. Barrier is publicly traded under OTCBB:IBTGF and TSXV:IBH. Fiscal 2016 sales were approximately $9.5 million.

Example highlighting Barrier's Pyrotite fire-resistant technology.

International Barrier Technology develops, manufactures, and markets proprietary fire resistant technology including Pyrotite® (Blazeguard brand), which is patent protected in the United States, Canada and Australia, LP FlameBlock Fire-Rated OSB and FR Deck Panel. The company says the technology has potential applications in engineered wood products, paint, plastics and expanded polystyrene.

Headquartered in Nashville, Tennessee, Louisiana-Pacific Corp. manufactures engineered wood building materials including OSB, structural framing products, and exterior siding for use in residential, industrial and light commercial construction. It has  manufacturing facilities in the United States, Canada, Chile and Brazil, with products sold to builders and homeowners through building materials distributors and dealers and retail home centers.