United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 21, 2023
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(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation or organization) | Commission File Number | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (615 986 - 5600
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 7.01 Regulation FD Disclosure.
On April 21, 2023, Louisiana-Pacific Corporation (“LP”) announced the execution of a definitive agreement under which LP will acquire the assets owned by Wawa OSB Inc., a subsidiary of Forex Inc. The transaction will add to LP’s assets a manufacturing facility in Wawa, Ontario that will be converted into an LP® SmartSide® Trim & Siding mill. The transaction is subject to court approval and customary closing conditions and is expected to be completed in early May 2023. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished pursuant to this Item 7.01 and Exhibit 99.1 in Item 9.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description | ||||
| 99.1 | |||||
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document and contained in Exhibit 101) | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LOUISIANA-PACIFIC CORPORATION | ||||||||
| By: | /S/ DEREK N. DOYLE | |||||||
| Derek N. Doyle | ||||||||
| Vice President, Controller and Chief Accounting Officer | ||||||||
Date: April 21, 2023
NEWS RELEASE
CONTACTS:
Media Breeanna Straessle 615-986-5886 media.relations@lpcorp.com | Investor Relations Aaron Howald 615-986-5792 Aaron.Howald@lpcorp.com | ||||
LP Building Solutions to Acquire Wawa OSB Facility from Forex Inc.
Ontario-based mill set to become next LP® SmartSide® manufacturing facility
NASHVILLE, Tenn. (April 21, 2023) – LP Building Solutions (LP) (NYSE: LPX), a leading manufacturer of high-performance building products, and Forex Inc. have entered into a definitive agreement under which LP will acquire the assets owned by Wawa OSB Inc., a subsidiary of Forex Inc. The transaction will add to LP’s assets a manufacturing facility in Wawa, Ontario that will be converted into an LP® SmartSide® Trim & Siding mill. The transaction, which is subject to court approval and customary closing conditions, is expected to be completed in early May 2023.
“LP SmartSide Trim & Siding has experienced tremendous growth over the past few years, becoming one of the fastest-growing siding brands in the United States,” said Executive Vice President and General Manager of Siding Jason Ringblom. “In response to customer demand, we continue to expand our capacity across North America to position SmartSide for long-term growth. Our acquisition of Forex Inc.’s Wawa facility is a great addition to our fleet of siding mills and perfect example of how we are investing in the future of SmartSide.”
Once converted, the mill will add approximately 400 million square feet of capacity, making it LP’s largest single-line siding mill. This will bring LP’s total siding capacity to 2.7 billion square feet annually.
Built in the mid-1990s as an OSB mill, the site is an ideal location for SmartSide production due to its access to an ample and sustainable aspen wood basket and efficient logistics options. The mill’s conversion will bring more than 150 sustainable jobs to the region, which has a long, rich history in forest product manufacturing.
“We are thrilled to see the continued revival of this wood-based plant coming true,” said Forex Executive Vice President Yolaine Rousseau. “We would like to thank all the employees, First Nations, suppliers and local authorities for their support of this project.”
LP is evaluating project schedules to determine when construction at the facility will begin. While a second SmartSide manufacturing line is still planned for LP’s Houlton, Maine facility, this project will break ground after the conversion of the Wawa mill.
For over 20 years, LP SmartSide Trim and Siding has provided customers with innovative home siding products that combine the beauty of traditional wood and the durability of carbon-negative engineered wood. To learn more about SmartSide products, visit LPCorp.com.
About LP Building Solutions
As a leader in high-performance building solutions, Louisiana-Pacific Corporation (LP Building Solutions, NYSE: LPX) manufactures engineered wood products that meet the demands of builders, remodelers and homeowners worldwide. LP’s extensive portfolio of innovative and dependable products includes Siding Solutions (LP® SmartSide® Trim & Siding, LP® SmartSide® ExpertFinish® Trim & Siding, LP BuilderSeries® Lap Siding and LP® Outdoor Building Solutions™), LP Structural Solutions (LP® TechShield® Radiant Barrier, LP WeatherLogic® Air & Water Barrier, LP Legacy® Premium Sub-Flooring, LP® FlameBlock® Fire-Rated Sheathing, LP NovaCore™ Thermal Insulated Sheathing and LP® TopNotch® 350 Durable Sub-Flooring) and oriented strand board (OSB). In addition to product solutions, LP provides industry-leading customer service and warranties. Since its founding in 1972, LP has been Building a Better World™ by helping customers construct beautiful, durable homes while shareholders build lasting value. Headquartered in Nashville, Tennessee, LP operates 22 plants across the U.S., Canada, Chile and Brazil. For more information, visit LPCorp.com.
About Forex Inc.
Since its foundation by the Cossette family, Forex is passionate about sustainable forestry, the development of forest products, and job creation. By prioritizing buying and investing locally, Forex seeks to make a positive impact on the regional economy and is committed to creating and maintaining jobs in local communities. For more information, visit Forexinc.ca.