LONDON, UK / ACCESSWIRE / October 17, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Louisiana-Pacific Corp. (NYSE: LPX), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=LPX. The Company announced on October 13, 2017, that it has finalized the acquisition of International Barrier Technology Inc. ("Barrier"). Based in Watkins, Minnesota, Barrier manufactures the fire retardant coating used in LP® FlameBlock® fire-rated engineered wood products. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The Acquisition
On July 31, 2017, Louisiana-Pacific announced an agreement to acquire Barrier for $22 million. The agreement was for 100% of the shares of Barrier, a British Columbia Company publicly trading on the TSX Venture Exchange. The $22 million agreement involved cash for shares, making Barrier a wholly-owned subsidiary of Louisiana-Pacific. Barrier's shareholders approved the acquisition on September 28, 2017.
Reason for Acquisition
Louisiana-Pacific stated that the purchase provides long-term protection on the Company's continuing investment in the FlameBlock market development and in product sales. Barrier manufactures and markets proprietary fire-resistant building materials branded as LP® FlameBlock® Fire-Rated OSB Sheathing and Blazeguard FR Deck Panel.
Barrier's fire-resistant wood panels use a patented, non-toxic, non-combustible coating with an extraordinary capability, in that it releases water in the heat of fire. The panels exceed ‘model' building code requirements in every targeted fire tests and applications, and are unique in combining properties that increase panel strength and minimize environmental and human impact.
At the time of the acquisition, Louisiana-Pacific's Chief Executive Officer (CEO), Brad Southern, stated that the trend for more fire resistance in residential and commercial buildings is growing, driven by changing building codes and their enforcement. He added:
"Over the last seven years, we have validated the market acceptance of the FlameBlock brand and demonstrated strong sales growth. Flame retardant products are a key development target of our Growth and Innovation plans."
Barrier's CEO, Mike Huddy, noted that the success of the FlameBlock brand and Louisiana-Pacific's commitment to flame retardant products is one of the reasons why he thought Barrier is a good fit for Louisiana-Pacific. Commenting on the deal, Huddy stated:
"We believe our fire resistant technology is in great hands with an innovative Company like LP."
Louisiana-Pacific noted that it will continue to honor Barrier's existing contracts and service its customers' needs. Barrier will operate as part of the Company's OSB business.
About Louisiana-Pacific Corp.
Louisiana-Pacific 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 US, Canada, Chile, and Brazil, the Company's products are sold to builders and homeowners through building materials distributors and dealers and retail home centers. Founded in 1973, Louisiana-Pacific is headquartered in Nashville, Tennessee.
Last Close Stock Review
Louisiana-Pacific's share price finished yesterday's trading session at $28.28, marginally down 0.14%. A total volume of 818.58 thousand shares have exchanged hands. The Company's stock price soared 11.29% in the last three months, 10.90% in the past six months, and 48.76% in the previous twelve months. Additionally, the stock skyrocketed 49.39% since the start of the year. Shares of the Company have a PE ratio of 16.00 and currently have a market cap of $4.09 billion.
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