Atlanta, Gerogia, USA, 31 March 2010 -- /PRNewswire/ -- Georgia-Pacific learned today that the Canadian court overseeing the Grant Forest Products Companies' Creditors Arrangement Act case has approved Georgia-Pacific's acquisition of Grant's oriented strand board (OSB) facility at Englehart, Ontario; the associated facility at Earlton, Ontario; and OSB facilities at Allendale and Clarendon, South Carolina, USA. In February, Georgia-Pacific received a letter from the Canadian Competition Bureau indicating that it had completed its review of the transaction and has found no competitive risk, and last week the deal cleared United States Federal Trade Commission (FTC) antitrust review.
"These assets are a strong strategic fit with our existing facilities, and we're excited that we are moving further toward completion of this important acquisition," said Mark Luetters, president, Georgia-Pacific Wood Products. "These are world-class operations that will expand and enhance our market presence and product offerings to better serve new and existing customers. We plan significant investments in the U.S. and Canadian plants to build on the proud tradition of these facilities and the employees who operate them."
The transaction is expected to close in the first half of 2010, following Investment Canada and U.S. bankruptcy court approval.
Headquartered at Atlanta, Georgia-Pacific, is one of the world's leading manufacturers and marketers of building products, tissue, packaging, paper, cellulose, and related chemicals. The company employs more than 40,000 people at more than 300 locations in North America, South America, and Europe. Georgia-Pacific creates long-term value by using resources efficiently to provide innovative products and solutions that meet the needs of customers and society, while operating in a manner that is environmentally and socially responsible and economically sound. The company has long been among the nation's leading manufacturers and suppliers of building products to lumber and building materials dealers and large do-it-yourself warehouse retailers. For more information, visit www.gp.com.