West Fraser Timber Co. Ltd. and Norbord Inc. announced that they have completed their merger.
Under terms of the deal, West Fraser has acquired the issued and outstanding common shares of Norbord. The all-stock transaction is valued at approximately 4 billion Canadian dollars (US $3.1 billion).
Norbord is now a wholly-owned subsidiary of West Fraser. Based in Toronto, Norbord is a global manufacturer of wood-based panels and the world’s largest producer of oriented strand board (OSB).
In addition to OSB, Norbord manufactures particleboard, medium density fibreboard (MDF), and related value-added products. The company employs approximately 2,400 people at 17 plant locations (15 operating) in the United States, Canada, and Europe.
"Today marks a new era for all West Fraser employees and shareholders with the completion of the Norbord transaction,” said Raymond Ferris, President and Chief Executive Officer of West Fraser. ”The combination of two top-caliber employee teams manufacturing sustainable products that are essential for a low-carbon economy positions West Fraser well going forward.”
Ferris will continue as the president and CEO with Chris Virostek continuing as the vice president, finance and CFO. Peter Wijnbergen, president and CEO of Norbord, has been appointed president, Engineered Wood and Sean McLaren, vice president, U.S. Lumber, has been appointed president, Solid Wood. Marian Lawson and Colleen McMorrow, directors of Norbord, have also been appointed to West Fraser’s Board of Directors.
West Fraser has also received approval from the New York Stock Exchange (NYSE) to list the West Fraser shares on the NYSE. The West Fraser Shares will commence trading today on the NYSE under the stock symbol “WFG”. Along with the commencement of trading on the NYSE, West Fraser’s stock symbol on the Toronto Stock Exchange (TSX) has been changed to “WFG”.
Based in Vancouver, British Columbia, West Fraser is a diversified wood products company producing lumber, LVL, MDF, plywood, pulp, newsprint, wood chips, other residuals, and energy with facilities in western Canada and the southern United States.