Maibec strikes a deal with LP
Maibec is acquiring LP’s East River facility located in Nova Scotia, Canada along with the assets and brand rights for CanExel – the fiber-based siding product manufactured at the facility.
The deal is expected to close in the second quarter of 2020. Terms of the transaction were not disclosed.
Based in Levis, Québec, building products manufacturer Maibec maintains nine production facilities in the United States and Canada. The manufacturer is one of the largest producers of prefinished white cedar shingles in North America.
Combined with the recently announced conversion of its Roaring River facility to a strand prefinishing facility, Nashville-based LP said that it will focus its siding business exclusively on supporting demand for strand-based siding products.
“This strategic decision to remove fiber products from our portfolio allows us to mobilize additional resources, increase focus and commitment for our LP SmartSide strand siding technology, and accelerate growth of LP SmartSide ExpertFinish, our new line of prefinished strand-based siding,” said Neil Sherman, executive vice president and general manager of siding.
Maibec said that the CanExel brand is well positioned in its current market and aligns well with its reputation as a siding system specialist.
"We are very excited about the proposed transaction," said Maibec CEO Patrick Labonté. "CanExel is a leading brand in its market, just as Maibec is one of the most recognized brands of genuine wood siding and Eastern White Cedar Shingles. Adding CanExel to Maibec’s portfolio provides a broader product offering to our growing markets. CanExel will be instrumental to our expansion throughout North America."
With Roaring River’s conversion to a strand prefinishing facility and the recent acquisitions of prefinishing facilities in St. Louis and Green Bay, LP said it is able to provide the facilities, capabilities and expertise needed to support ExpertFinish and grow the prefinishing market.
The deal is expected to close in the second quarter of 2020. Terms of the transaction were not disclosed.
Based in Levis, Québec, building products manufacturer Maibec maintains nine production facilities in the United States and Canada. The manufacturer is one of the largest producers of prefinished white cedar shingles in North America.Combined with the recently announced conversion of its Roaring River facility to a strand prefinishing facility, Nashville-based LP said that it will focus its siding business exclusively on supporting demand for strand-based siding products.
“This strategic decision to remove fiber products from our portfolio allows us to mobilize additional resources, increase focus and commitment for our LP SmartSide strand siding technology, and accelerate growth of LP SmartSide ExpertFinish, our new line of prefinished strand-based siding,” said Neil Sherman, executive vice president and general manager of siding.
Maibec said that the CanExel brand is well positioned in its current market and aligns well with its reputation as a siding system specialist.
"We are very excited about the proposed transaction," said Maibec CEO Patrick Labonté. "CanExel is a leading brand in its market, just as Maibec is one of the most recognized brands of genuine wood siding and Eastern White Cedar Shingles. Adding CanExel to Maibec’s portfolio provides a broader product offering to our growing markets. CanExel will be instrumental to our expansion throughout North America."
With Roaring River’s conversion to a strand prefinishing facility and the recent acquisitions of prefinishing facilities in St. Louis and Green Bay, LP said it is able to provide the facilities, capabilities and expertise needed to support ExpertFinish and grow the prefinishing market.