Louisiana-Pacific Corporation (LP) recently finalised their acquisition of International Barrier Technology Inc., a company based in the Watkins, Minnesota, that manufactures fire retardant coating used in LP® FlameBlock® fire rated engineered wood products.
The US$22 million agreement involved cash for shares, making Barrier a wholly-owned subsidiary of LP. On the 28th of September, Barrier shareholders approved of the acquisition.
LP announced its intentions to purchase Barrier in July, noting that the purchase provides long-term protection on the company’s continuing investment in FlameBlock market development and product sales.
The trend for more fire resistance products in residential and commercial buildings continues to escalate, driven by changing building codes and their enforcement.
LP will continue to honour Barrier’s existing contracts and service its customers’ needs. Barrier will also operate as part of LP’s OSB business.
