Chilean firm buys into North American panelsA Chilean wood products firm is buying Flakeboard, a Canadian panel maker with seven plants in the United States and Canada for US$242.5 million. Mark Young, a spokesman for Santiago-based ARAUCO, said that the Chilean firm intends to continue operating all seven former Flakeboard plants.ARAUCO earlier this year acquired a fiberboard and particleboard factory in North Carolina that will be folded into the former Flakeboard operations, which ARAUCO said will continue to operate under the Flakeboard name. “This (Flakeboard) acquisition further highlights ARAUCO’s intent to grow our composite panel business and solidifies our commitment to be a leading supplier of sustainable, high-quality forest products to the North American market,” Francisco Figueroa, ARAUCO-USA General Manager, said in a written statement. ARAUCO said it expects the sale to close in the second half of the year. | |
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