LP to acquire coating manufacturer

Louisiana-Pacific Corporation has scooped up the coatings manufacturer that produces the fire retardant coating used in LP FlameBlock products.

The company has agreed to acquire Watkins, Minn.-based International Barrier Technology Inc. (Barrier) for $22 million, and for 100% of the shares of Barrier, a British Columbia company publicly traded on the TSX Venture Exchange.

This would make Barrier a wholly owned subsidiary of LP as the demand for fire-resistance in residential and commercial buildings increases.

“We are confident that this acquisition will help accelerate our growth into new markets,” LP CEO Brad Southern said.

“Over the last seven years we have validated the market acceptance of the FlameBlock brand and demonstrated strong sales growth,” Southern noted. “Flame retardant products are a key development target of our Growth and Innovation plans.”

“We believe our fire resistant technology is in great hands with an innovative company like LP,” said Barrier CEO Mike Huddy.

The acquisition is expected to close by the end of this year.