Boise Cascade to buy GP’s engineered wood biz

BOISE, Idaho ―Boise Cascade has reached an agreement to purchase Georgia-Pacific LLC’s engineered lumber production facilities located at Thorsby, Ala., and Roxboro, N.C., for $215 million, including a closing date working capital target of $25 million. The company currently plans to use approximately $90 million of its cash and $130 million in new borrowing to pay for the transaction and closing-related expenses. The transaction is expected to close in the first half of 2016, subject to standard regulatory review and other customary closing conditions. The Thorsby facility produces laminated veneer lumber (LVL) and the Roxboro facility currently produces I-joists. The Roxboro’s LVL facility is currently idled, but Boise plans to get that operation up and running again.