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| LP Signs Letter of Intent to Sell Meridian, Idaho, Composite Decking Facility to Fiber Composites |
NASHVILLE, Tenn.--(BUSINESS WIRE)--July 25, 2007--Louisiana-Pacific Corporation (LP) (NYSE: LPX) today announced it has signed a letter of intent to sell its Meridian, Idaho, composite decking plant to Fiber Composites, LLC. The sale, which is expected to close at the end of third quarter 2007, also includes the use of the WeatherBest(R) brand name. Rick Olsziewski, LP executive vice president of sales and specialty products, said, "We are pleased to have an initial agreement with Fiber Composites, a company who understands both the decking market and composite manufacturing, and who will meet the needs of WeatherBest customers very well." Fiber Composites President Doug Mancosh remarked, "The acquisition of the WeatherBest brand and LP's Meridian, Idaho, plant is consistent with our company strategy of producing and selling the highest quality composite decking and railing products in the industry. Fiber Composites looks forward to continuing the WeatherBest brand and fully supporting its distribution partners and customers." Terms of the intended Meridian sale were not disclosed. LP continues to actively market its remaining composite decking facility in Selma, Alabama, which has been curtailed since April of this year. LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers. Visit LP's web site at www.lpcorp.com for additional information on the company. Fiber Composites, LLC, is a leading manufacturer of composite decking, railing and fencing used in homes and light commercial construction across North America. Fiber Composites employs state-of-the-art polymer technology to constantly innovate its products, coupled with world-class manufacturing processes to ensure best-in-class quality. Fiber Composites was founded in 1997 and is a privately owned company based in New London, N.C., with 300 employees. FORWARD LOOKING STATEMENTS This news release contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters addressed in these statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, including the level of interest rates and housing starts, market demand for the company's products, and prices for structural products; the effect of forestry, land use, environmental and other governmental regulations; the ability to obtain regulatory approvals; and the risk of losses from fires, floods and other natural disasters. These and other factors that could cause or contribute to actual results differing materially from those contemplated by such forward-looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.
CONTACT: Louisiana-Pacific Corporation |
