NASHVILLE, TN - Louisiana-Pacific Corporation (LP) (NYSE: LPX) lumped an additional $10.6 million to its previously stated loss for 2011 after learning that an audit of its GreenFiber joint venture.
LP issued a press release on Feb.7 that it had posted an end of year loss of $170.7 million. However, on Feb. 24, LP was notified that the valuation of its 50-50 joint venture with Casella Waste Systems Inc. "had decreased significantly."
After adjustment, LPs said its 2011 net loss was $181.3 million.
GreenFiber uses recycled paper to manufacture natural fiber insulation. GreenFiber's insulation products are mainly used in new residential construction, home renovations and manufactured housing
LP manufactures engineered wood building materials including OSB, structural framing products, and exterior siding for use in residential, industrial and light commercial construction.
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