LP Completes Purchase of Canfor's Share in Peace Valley OSB Joint Venture

NASHVILLE, Tenn. (May 31, 2013) – Louisiana-Pacific Corporation (NYSE: LPX) announced today that it has completed the purchase of the 50 percent share of Canfor Corporation (TSX: CFP) in the Peace Valley Oriented Strand Board (OSB) joint venture in Fort St. John, British Columbia.

By completing this acquisition, LP has become the sole owner of the Peace Valley OSB mill.

“The Peace Valley mill is a great operation,” LP CEO Curt Stevens said. “It has been part of our OSB strategy since 2006 and it will play an important role as the housing market continues to rebound.”

OSB made in Peace Valley has always carried the LP brand, so customers will see no change in product quality or service.

“The partnership between LP and Canfor was successful and productive,” Stevens said. “We look forward to continuing our relationship as Canfor manages the Peace Valley mill's fiber resources into the future.”

The Peace Valley mill has an annual production capacity of 820 million square feet of OSB. It currently operates four shifts.

The initial purchase price is approximately $77 million CDN including working capital. In addition, Canfor may receive additional annual consideration over a three year period based on Peace Valley OSB's trailing twelve-month EBITDA.

APA -- The Engineered Wood Association (APA) recently named the Peace Valley mill the safest in the industry among small operations. LP was named safest company among large operators.

About LP Building Solutions - As a leader in high-performance building solutions, Louisiana-Pacific Corporation (LP Building Solutions, NYSE: LPX) manufactures engineered wood building products that meet the demands of builders worldwide. Its extensive offerings include innovative and dependable building products and accessories, such as LP® SmartSide® Trim & Siding, LP Structural Solutions portfolio (LP WeatherLogic® Air & Water Barrier, LP Legacy® Premium Sub-Flooring, LP® TechShield® Radiant Barrier, LP® FlameBlock® Fire-Rated Sheathing and more), oriented strand board (OSB), LP® TopNotch® Sub-Flooring, LP® Outdoor Building Solutions®, and LP Elements® Performance Fencing. In addition to product solutions, LP provides industry-leading service and warranties. Since its founding in 1972, LP has been Building a Better World™ by helping customers construct beautiful, durable homes. Headquartered in Nashville, Tennessee, LP operates 26 plants across the U.S., Canada, Chile and Brazil. For more information, visit LPCorp.com.