LP-Ainsworth deal subject to new timing agreements
The pending deal between Ainsworth Lumber and Louisiana-Pacific has been put off further by new timing agreements with the Canadian Competition Bureau and the Antitrust Division of the U.S. Department of Justice.
Ainsworth and LP have both agreed that they will not consummate the acquisition before March 13, giving federal regulators time to continue their reviews. As a result, the companies have extended the outside date for completion from March 4 to April 18.
The waiting period for LP’s acquisition of Ainsworth had been extended in November after the DOJ requested additional information from the companies.
The $1.1 billion deal, aimed at leveraging Ainsworth’s resources and access to international growth markets at a critical period in the housing recovery, had been announced in September 2013.
Pope Resources makes $4.6 million conservation land sale
Pope Resources is selling $4.6 million worth of land to Seattle-based conservation organization Forterra, including 535 acres of forestland and 1.5 miles of shoreline in Kistap County, Wash.
"This land sale that preserves forests, beaches and trails for future generations is the culmination of nearly a decade of efforts by the local community," said David L. Nunes, president and CEO. "We are pleased to have played a role in creating this win-win outcome with additional help from our neighboring landowners and government agency representatives at the county, state and federal levels."
Forterra acquired the land with the aid of various state and federal grants. Kitsap County now owns the forestland, with ownership of the tidelands in the hands of Washington State’s Department of Natural Resources.
The sale plays into the Kitsap Forest & Bay Project’s 6,700-acre conservation goal, which has been a long-term coordinated effort between Pope Resources, the Suquamish and Port Gamble S’Klallam tribes, Kitsap County, the Great Peninsula Conservancy and the Kitsap Forest & Bay Coalition.
MAT Industries recalls air compressors
MAT Industries is recalling its HDX and Powermate two-gallon air compressors due to reports of a shock hazard.
According to the Consumer Product Safety Commission, the terminals of the pressure switch have demonstrated a tendency to come into contact with the motor housing and electrify the air compressors. No reports of injuries or incidents have been received.
The recall affects about 100,000 units in the U.S. and 7,000 in Canada.
The air compressors have a pair of one-gallon tanks stacked upon each other that are 120 volts, have an operating pressure maximum of 100 PSI and air delivery of .4 SCFM at 90 psi. They were sold at Home Depot, Menards and other stores between June 2010 and October 2013 for between $80 and $120.
The CPSC is urging consumers to discontinue use immediately and to contact MAT Industries for a free repair.