MARKHAM, ON. CANADA - Flakeboard Company Limited and Arauco announce that they have finalized the sale agreement for all outstanding Flakeboard shares to Arauco.
Following this purchase agreement Arauco will combine Flakeboard's seven North American operating facilities with that of Arauco's recently acquired Particleboard and MDF plant in Moncure, North Carolina.
The eight North American assets will operate under the Flakeboard name and its existing Senior Management. Effective immediately, the Management Team will be tasked with integrating and managing the combined operations. Kelly Shotbolt will be retained as head of Flakeboard North America.
According to Flakeboard President and CEO, Kelly Shotbolt; "We can now start the process of integrating Arauco's US manufacturing operations into Flakeboard, and integrating Flakeboard into Arauco's Global business. The acquisition of Flakeboard makes Arauco the largest composite panel producer within the Americas, and the third largest composite panel producer in the world. Our employees look forward to the exchange of ideas and the sharing of best practices across the larger business to become an even better supplier to our customers."
Source: Flakeboard Company
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