Building Products Manufacturer Receives Canada Investment Approval to Acquire Grant Forest Products' Facilities

Georgia-Pacific received approval late Friday from the Minister of Industry for the acquisition of Grant Forest Products' Englehart and Earlton, Ontario facilities.

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 United States Federal Trade Commission (FTC).   Further approval is pending in US bankruptcy court.

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

Source: http://www.gp.com/