Ainsworth Lumber Co. Ltd. announced recently that it has completed the purchase of the remaining 50% of Footner Forest Products Ltd. ("Footner") and its oriented strand board (OSB) facility in High Level, Alberta from Grant Forest Products Inc. Ainsworth now owns 100% of Footner. The purchase price of CDN $20 million was paid using cash on hand.
The OSB mill in High Level, Alberta was originally designed to produce 860 million square feet per year (3/8th basis). Production at the mill was indefinitely curtailed in December 2007. Ainsworth will keep the Footner mill on a care and maintenance basis until market conditions support re-starting production at the mill.
