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Pfleiderer Canada agrees to sell Uniboard facilities to Kaycan unit
By Caroline Salls
Pittsburgh, Sept. 5 - Pfleiderer Canada Inc. has entered into an agreement to sell particleboard, MDF, thermally fused melamine and laminate flooring facilities to a subsidiary of Kaycan Ltd. in an all cash deal, according to a news release from Pfleiderer Canada unit Uniboard Canada Inc.
Uniboard said the facilities sold to Kaycan include three particleboard lines, one MDF line, five thermally fused melamine lines and two laminate flooring lines. These lines service primarily the Canadian, U.S. Northeast and Midwest U.S. markets.
"This agreement marks the dawning of an exciting new era for Uniboard," the company's president and chief executive officer James Hogg said in the release.
"As a market leader in Quebec, Ontario and the Northeast United States market, this acquisition will allow Uniboard to reinforce our market position and to fully focus our attention on driving the business forward in both our panel and laminate flooring operations."
Kaycan president Lionel Dubrofsky said the company is "fully committed to the growth of Uniboard in its core markets." Uniboard's senior management will continue to manage the business, he said.
The transaction is expected to close in the third quarter.
CIBC World Markets Inc. is acting as financial adviser and McCarthy Tétrault LLP and Morrison Cohen LLP are acting as legal advisers to Pfleiderer AG, Uniboard's ultimate parent company in Germany. Davies Ward Phillips & Vineberg LLP is acting as legal adviser to Kaycan.
Neumarkt, Germany-based Pfleiderer Finance is the holding company for German timber products maker Pfleiderer AG.
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