3M Window Film builds two new facilities in Asia-Pacific region
3M Company is expanding its presence in the Asia-Pacific region via two new manufacturing facilities for its window film business.
The facilities, located in China and Singapore, will help meet the growing demand for the company’s automotive, residential and commercial window films.
“3M’s investments in these new production sites are important to serve the growing needs and demand in the Asia-Pacific region," said Tim Thornton, global business director for 3M Window Film. "In addition to the plant investments, we continue to make substantial investments in research and development. The quality and quantity of exciting new products and technologies being developed in our labs is at an all-time high and reinforces 3M’s strong commitment to innovation."
The company has also made recent investments in its U.S. factories for clean coating and converting.
LP sales increase 10% in third quarter
Nashville, Tenn.-based Louisiana-Pacific Corp. (LP) reported third-quarter sales of $507 million, up 10% from the same quarter last year.
The company said OSB prices continued to decline in the quarter, resulting in lower eanrings. LP reported income from continuing operations of $38 million, up from $31 million in last year’s third quarter.
"Each of our business segments generated positive adjusted EBITDA in the quarter," said CEO Curt Stevens.
He added: "We saw the pace of improvement in the housing market slow over the summer. However, the pace of permit activity, builder confidence and a slightly better economy should allow housing starts to grow in coming quarters."
The company’s engineered wood products segment saw sales increase to $72 million, up from $62 million in the third quarter of 2012.
In the siding segment, sales of $149 million increased 11% from $134 million.
Tri Pointe and Weyerhaeuser strike a $2.7 billion deal
Tri Pointe Homes, Inc. is merging with Weyerhaeuser Co.’s homebuilding business in a deal worth $2.7 billion, pending approval from Tri Pointe shareholders.
Weyerhaeuser Real Estate Co. will become a Tri Pointe subsidiary, with 80.5% ownership of the combined company to be distributed to Weyerhaeuser’s shareholders. Pre-transaction Tri Pointe shareholders will own the remaining 19.5%.
The transaction doesn’t include all Weyerhaeuser Real Estate assets, however; those remaining will be kept by Weyerhaeuser.
The deal is expected to close by the end of the second quarter next year.