LP Sells 55,000 Acres of Timberland Near Honey Island, Texas.
PORTLAND, Ore.--(BUSINESS WIRE)--Aug. 25, 2003
Louisiana-Pacific Corporation (LP) (NYSE NYSE
See: New York Stock Exchange :LPX LPX Louisiana Pacific (stock symbol)
LPX Leipzig Power Exchange
LPX Low Profile Extended
LPX Long-Pulse Experiment
LPX Low Profile Extension ) today announced it had finalized the sale of approximately 55,000 acres of timberland near Honey Island, Texas Honey Island is an unincorporated community in Hardin County, Texas (USA). It has a population of approximately 401. The Kountze Independent School District serves area students. , to Honey Island Properties, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control . The net sales Net Sales
The amount a seller receives from the buyer after costs associated with the sale are deducted.
This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight price was approximately $37 million.
"Our people continue to close our land sales successfully. We will complete our divestiture program within our targeted time period and generate more than $700 million of total value," said Mark A. Suwyn, LP's Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "With these funds, we are reducing our debt and investing in the businesses we have retained."
In May 2002, LP announced an asset sale and debt reduction program designed to enhance its long-term competitiveness and financial flexibility.
LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers. Visit LP's web site at www.lpcorp.com for additional information on the company.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Although LP believes the expectations reflected in these forward-looking statements are based upon reasonable assumptions, these expectations may not be achieved. In particular, LP's ability to consummate the transactions referred to herein is subject to numerous factors beyond its control, including conditions in the economy generally and in LP's industry and the capital markets in particular, LP's financial condition and results of operations, perceptions regarding LP's business and prospects and other factors disclosed in LP's Annual Report on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. and Quarterly Reports on Form 10-Q. Accordingly, there can be no assurance as to whether, when or the terms upon which LP may be able to consummate any or all of these transactions or to achieve the objectives described herein.