NASHVILLE, Tenn.--(BUSINESS WIRE)--Oct. 13, 2017--
Louisiana-Pacific Corporation (LP)(NYSE: LPX) today finalized the
acquisition of International Barrier Technology Inc. (Barrier), the
Watkins, Minn.-based company that manufactures the fire retardant
coating used in LP® FlameBlock® fire rated engineered wood products.
The $22 million agreement involved cash for shares, making Barrier a
wholly-owned subsidiary of LP. Barrier shareholders approved the
acquisition on Sept. 28.
LP announced its intentions to purchase Barrier in July, noting that the
purchase provides long-term protection on the company’s continuing
investment in FlameBlock market development and product sales.
The trend for more fire resistance products in residential and
commercial buildings continues to escalate, driven by changing building
codes and their enforcement.
LP will continue to honor Barrier’s existing contracts and service its
customers’ needs. Barrier will operate as part of LP’s OSB business.
About LP
Louisiana-Pacific Corporation is a leading manufacturer of
quality engineered wood building materials including OSB, structural
framing products, and exterior siding for use in residential,
industrial and light commercial construction. From manufacturing
facilities in the U.S., Canada, Chile and Brazil, LP products are sold
to builders and homeowners through building materials distributors and
dealers and retail home centers. Founded in 1973, LP is headquartered in
Nashville, Tennessee and traded on the New York Stock Exchange under
LPX. For more information, visit www.lpcorp.com.
About Barrier
International Barrier Technology Inc. develops, manufactures, and
markets proprietary fire-resistant building materials branded as LP®
FlameBlock® Fire-Rated OSB Sheathing and Blazeguard FR Deck Panel.
Barrier’s award-winning fire-resistant wood panels use a patented,
non-toxic, non-combustible coating with an extraordinary capability: it
releases water in the heat of fire. The panels exceed "model" building
code requirements in every targeted fire test and application, and are
unique in combining properties that increase panel strength and minimize
environmental and human impact. Barrier’s family of products provides
customers a premium material choice meeting an increasingly challenging
combination of requirements in residential and commercial building
construction. For more information please visit: www.intlbarrier.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171013005584/en/
Source: Louisiana-Pacific Corporation
Louisiana-Pacific Corporation
Media Relations:
Mark Morrison,
615-986-5886
or
Investor Relations:
Becky Barckley/Mike
Kinney, 615-986-5600