Finalisation of the sale was officially announced on June 22.
The CanExel brand and production facility is located in East River, Nova Scotia. Both the brand and the facility have been owned by LP Building Solutions (LP) for over 20 years.
CanExel is produced from wood fibre fused with resin and then moulded and cut into boards of various profiles. Multiple layers of industrial strength coatings are then applied to each board, followed by a protective sealer that increases resistance to cracking, splitting, warping, splintering and buckling.
The product is sold across the world, with the largest market being in Quebec where it is widely used in residential and commercial construction and renovations projects.
Exterior cladding specialist Maibec said the move strengthens is position in the exterior siding market.
“CanExel is a perfect addition to our portfolio, said Maibec Chief Executive Officer Patrick Labonté.
“It’s a well-known and proven brand that has been around for over fifty years, and its East River team is excited to join ours. Together we will develop complementary product lines that will make Maibec CanExel a complete exterior siding system that meets the needs of both existing and new markets.”
The deal is part of LP’s Siding business’ strategy to focus exclusively on supporting demand for its wood strand-based siding products, including the recent launch of LP SmartSide ExpertFinish, its new line of prefinished wood strand-based siding.
Maibec introduced Maibec ResistechTM engineered siding made with LP SmartSide OSB in 2017.
