VANCOUVER, BRITISH COLUMBIA--(- Dec. 20, 2010) - Ainsworth Lumber Co. Ltd. (TSX:ANS)(TSX:ANS.WT) announced today that it has entered into an agreement with Grant Forest Products Inc. to indirectly acquire the remaining 50% interest in Footner Forest Products Inc. ("Footner") and its oriented strand board ("OSB") facility in High Level, Alberta for CDN $20 million. If completed, the transaction will result in Ainsworth owning 100% of Footner.
The transaction is subject to a number of conditions, including approval by the Court in respect of Grant Forest Products' proceedings under the Companies' Creditors Arrangement Act (CCAA). The transaction is expected to close in the first quarter of 2011.
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