The proposed sale of Louisiana Pacific Corporation’s majority 65% shareholding in Louisiana-Pacific Coillte Ireland (LPCI) has been approved by the Irish government.
Approval was given under Irish mergers and takeovers law, clearing the way for Coillte to finalise the multi-million pound purchase (TTJ March 2) by the end of April. The company already owns 35% of LPCI, a 350,000m3 OSB plant at Waterford .
Coillte is setting up a new company, SmartPly Europe, to run the plant independently .
Meanwhile, Coillte has announced mangement changes following the decision of general managers Michael Carey and John McLoughlin, and company secretary Paul Byrne to take early retirement/voluntary parting packages.
The new structure comprises three management boards to guide the strategic and policy direction of the company: Coillte Forests, the core forestry business; Coillte Enterprises, including forest nurseries; and Corporate which will serve the various businesses.
Gerry Egan, who becomes company secretary and director, said the changes reflected the increasing complexity and scale of Coillte .
