NASHVILLE, Tenn. – LP Building Solutions has entered into an agreement with Pacific Woodtech to acquire LP's Engineered Wood Products (EWP) business 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, Canada, associated timber license assets, and the SolidStart brand of . engineered wood products.
The completion of this transaction is subject to customary closing conditions and regulatory reviews and is expected to occur in the third quarter of 2022.
In a statement, Pacific Woodtech said the acquisition of LP's EWP business marks another important step in its ongoing strategic transformation.
"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."
"Adding the EWP facilities in Golden, Wilmington, and Red Bluff to Pacific Woodtech's existing EWP business propels our company to new growth," said Pacific Woodtech president and CEO Jim Enright. "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, one that allows for the retention and care of current employees, clients, and suppliers and strengthens our position as a leading force in the EWP market going forward."
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