US building supplier Louisiana-Pacific Corp (LP) is selling its plywood operations.

It has announced it will transfer ownership of its Texas and Louisiana plywood mills to Georgia-Pacific (GP) for a GP strand board mill, in Woodland, Maine, and some “additional consideration”.

“The exchange moves us closer to completing our programme, allowing us to fully focus our attention and resources on our ongoing businesses,” said Mark Suwyn, LP’s chairman and CEO.

&#8220The exchange moves us closer to completing our programme, allowing us to fully focus our attention and resources on our ongoing businesses.”

Mark Suwyn, LP’s chairman and CEO.

LP expects to complete the transaction by mid-to-late September 2002, pending the completion of legal formalities. LP wants to exit the plywood business as part of an asset sale and debt reduction programme, to enhance long-term competitiveness and flexibility.