VANCOUVER, BC and TORONTO, ON (News release) -- West Fraser Timber Co. Ltd. and Norbord Inc. 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 CEO of West Fraser.
Raymond Ferris will continue as the President and CEO and Chris Virostek will continue as the Vice-President, Finance and CFO. Peter Wijnbergen, the President and CEO 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.
Following completion of the transaction, Norbord became a wholly-owned subsidiary of West Fraser. Norbord is a leading global manufacturer of wood-based panels and the world's largest producer of oriented strand board (OSB).
West Fraser is a diversified wood products company producing lumber, LVL, MDF, plywood, pulp, newsprint, wood chips, other residuals, and energy with facilities in western Canada and the southern United States.