West Fraser Timber Co. Ltd. acquires Norbord Inc.
by CM Staff
Norbord is a global manufacturer of wood-based panels and the world's largest producer of oriented strand board (OSB).
VANCOUVER and TORONTO — West Fraser Timber Co. Ltd. and Norbord Inc. jointly announce that they have completed the previously announced transaction whereby West Fraser has acquired all of the issued and outstanding common shares of Norbord. Under the terms of the Transaction, holders of Norbord Shares received 0.675 of a common share of West Fraser for each Norbord Share held.
“Today marks a new era for all West Fraser employees and shareholders with the completion of the Norbord transaction. The combination of two top-calibre employee teams manufacturing sustainable products that are essential for a low-carbon economy positions West Fraser well going forward,” said Raymond Ferris, President and Chief Executive Officer of West Fraser.
Management and Board Changes
Raymond Ferris will continue as the President and Chief Executive Officer and Chris Virostek will continue as the Vice-President, Finance and Chief Financial Officer. Peter Wijnbergen, the President and Chief Executive Officer of Norbord, has been appointed President, Engineered Wood and Sean McLaren, Vice-President, U.S. Lumber, has been appointed President, Solid Wood. Marian Lawson and Colleen McMorrow, directors of Norbord, have also been appointed to West Fraser’s Board of Directors.
Norbord is a global manufacturer of wood-based panels and a producer of oriented strand board (OSB). In addition to OSB, Norbord manufactures particleboard, medium density fibreboard and related value-added products. Norbord has assets of approximately $2.1 billion and employs approximately 2,400 people at 17 plant locations (15 operating) in the United States, Canada and Europe.