LP Building Solutions (LP) and Maibec announced a joint agreement for Maibec’s acquisition of LP’s East River facility located in Nova Scotia, Canada as well as the assets and brand rights for CanExel®, the fiber-based siding product manufactured there. The closing of this transaction is subject to customary closing conditions and is expected to occur in the 2Q 2020.
With this move and the recently announced conversion of LP Roaring River to a strand prefinishing facility, LP’s Siding business will focus exclusively on supporting the high customer demand for its strand-based siding products.
“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.”
LP Building Solutions manufactures uniquely engineered, innovative building products.
Maibec is the largest producer of prefinished White Cedar shingles in North America, the leading Canadian manufacturer of prefinished wood siding, and a large supplier of cedar mulch for the Canadian and American markets.
