LP Signs Project Agreement to Build OSB Mill in Clarke County, Alabama; Agreement Finalizes Details of Project Previously Announced December 8, 2004.NASHVILLE, Tenn. -- Louisiana-Pacific Corporation (LP) (NYSE NYSE
See: New York Stock Exchange :LPX LPX Louisiana Pacific (stock symbol)
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Order of Saint Benedict ) mill in Clarke County, Ala. LP had previously announced its intent to build the mill with the signing of a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. related to the project on December 8, 2004.
The Project Agreement executed today provides for LP to construct an OSB facility at the newest Industrial Park located in Clarke County, near Thomasville, Ala. The first phase of plant development is planned to begin in the third quarter of 2005, with production start-up slated for late 2007. The plant will employ at least 130 people, and have an annual OSB production capacity of more than 700 million square feet.
Jeff Wagner, LP's vice president of OSB, said, "With this Agreement now in place, we are looking forward to moving ahead with this important project. The new Clarke County mill is key to our commitment to maintaining LP's leadership position in the structural panels industry with state-of-the-art technology, low-cost manufacturing capacity and the highest quality for our customers."
Additionally, LP today announced that it has named Steve Doffitt as plant manager for the new mill, effective July 1, 2005. Doffitt is currently plant manager at LP's Jasper, Texas Jasper is a city in Jasper County, Texas, on U.S. highways 96 and 190, State Highway 63, and Sandy Creek in north central Jasper County. The population was 8,247 at the 2000 census(2006 estimate-7,465). , OSB mill; he will be directly involved in the new mill's construction and oversee its start-up, commissioning and operation.
LP is a premier supplier of building products, 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 news release contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The matters address in these statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those contemplated by these, including, but not limited to, the effect of general economic conditions, including the level of interest rates and housing starts, market demand for the company's products, and prices for structural products; the effect of forestry, land use, environmental and other governmental regulations; the ability to obtain regulatory approvals, and the risk of losses from fires, floods and other natural disasters. These and other factors that could cause or contribute to actual results differing materially from those contemplated by such forward-looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.