ARAUCO and Flakeboard Co. Ltd. Finalize Share PurchaseSeptember 25th, 2012 | Category: Industry News
ARAUCO and Flakeboard Co. Ltd. announced they have finalized the sale agreement for all outstanding Flakeboard shares to ARAUCO.
Following this purchase ARAUCO will combine its particleboard and MDF plant in Moncure, N.C., with Flakeboard’s seven North American operating facilities, making ARAUCO the largest producer of MDF, particleboard, hardboard, and thermally-fused melamine panels in the Americas, as well as the third largest composite panel producer in the world, according to the company.
The eight North American assets will operate under the Flakeboard name and its existing senior
management. Effective immediately, the management team will be tasked with integrating and managing the combined assets. Kelly Shotbolt will be retained as head of Flakeboard North America.
“These are exciting times,” says Matias Domeyko, Arauco´s CEO. “Building on ARAUCO’s stability and stature as a global leader in sustainable forest products, we expect great things to result from the blending of the talents, technology and market leadership of these two companies. Our combined strengths will enable us to continue our commitment to delivering our customers the responsibly produced, high-quality, innovative products they need in order to thrive in this ever-changing marketplace.”