G-P Receives Investment Canada Approval for Grant Forest Products Acquisition

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Georgia-Pacific, Atlanta, Ga., USA, this week reported that it has received approval from the Canadian Minister of Industry for the acquisition of Grant Forest Products' Englehart, Ont., Canada, oriented strand board (OSB) facility and associated operations at Earlton, Ont. The Minister reviews significant foreign investments in Canada to determine their likely net benefit to Canada. This follows earlier approvals of the acquisition by the Canadian court overseeing the Grant Forest Products Companies' Creditors Arrangement Act filing, the Canadian Competition Bureau, and the U.S. Federal Trade Commission (FTC). Further approval is pending in U.S. bankruptcy court.

G-P says it plans to continue operations at Englehart without any major changes in employment levels. The company adds that it will source all timber for Canadian operations from Canadian forests using Canadian-based logging contractors, will take steps to promote sustainable forestry practices, will make efforts to expand sales to a broader range of customers, and also will make substantial investments in the Englehart facility to enhance its competitiveness.