NASHVILLE, Tenn.--(BUSINESS WIRE)--Louisiana-Pacific Corporation (LP)(NYSE: LPX) today finalized the acquisition of International Barrier Technology Inc. (Barrier), the Watkins, Minn.-based company that manufactures the fire retardant coating used in LP® FlameBlock® fire rated engineered wood products.
The $22 million agreement involved cash for shares, making Barrier a wholly-owned subsidiary of LP. Barrier shareholders approved the acquisition on Sept. 28.
LP announced its intentions to purchase Barrier in July, noting that the purchase provides long-term protection on the company’s continuing investment in FlameBlock market development and product sales.
The trend for more fire resistance products in residential and commercial buildings continues to escalate, driven by changing building codes and their enforcement.
LP will continue to honor Barrier’s existing contracts and service its customers’ needs. Barrier will operate as part of LP’s OSB business.
Louisiana-Pacific Corporation 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 U.S., Canada, Chile and Brazil, LP products are sold to builders and homeowners through building materials distributors and dealers and retail home centers. Founded in 1973, LP is headquartered in Nashville, Tennessee and traded on the New York Stock Exchange under LPX. For more information, visit www.lpcorp.com.
International Barrier Technology Inc. develops, manufactures, and markets proprietary fire-resistant building materials branded as LP® FlameBlock® Fire-Rated OSB Sheathing and Blazeguard FR Deck Panel. Barrier’s award-winning fire-resistant wood panels use a patented, non-toxic, non-combustible coating with an extraordinary capability: it releases water in the heat of fire. The panels exceed "model" building code requirements in every targeted fire test and application, and are unique in combining properties that increase panel strength and minimize environmental and human impact. Barrier’s family of products provides customers a premium material choice meeting an increasingly challenging combination of requirements in residential and commercial building construction. For more information please visit: www.intlbarrier.com.