Georgia-Pacific Gets Court OK to Acquire Certain OSB Units from Grant Forest Products
April 1, 2010 - Georgia-Pacific said that the Canadian court overseeing the Grant Forest Products Companies' Creditors Arrangement Act case has approved GP's acquisition of Grant's oriented strand board (OSB) facility at Englehart, Ontario (Canada), the associated facility at Earlton, Ontario, and OSB facilities at Allendale and Clarendon, South Carolina.
GP said that in February it received a letter from the Canadian Competition Bureau indicating that it had completed its review of the transaction and has found no competitive risk, and last week the deal cleared United States Federal Trade Commission (FTC) antitrust review.
"These assets are a strong strategic fit with our existing facilities, and we're excited that we are moving further toward completion of this important acquisition," said Mark Luetters, president - Georgia-Pacific Wood Products.
"We plan significant investments in the U.S. and Canadian plants to build on the proud tradition of these facilities and the employees who operate them," Luetters added
The deal is expected to close in the first half of 2010, following Investment Canada and U.S. bankruptcy court approval.