24 /PRNewswire/ -- The Stanislaus County Superior Court in California has entered judgment in favor of Defendant Louisiana-Pacific Corporation ("L-P
") in a class action lawsuit about the durability of L-P
's Nature Guard shingles, a cement and wood fiber shingle which L-P
manufactured and sold as a replacement for cedar shingles between 1995 and 1998.
In other news: L-P
said it has finalized the sale of approximately 48,000 acres of timberland in western Louisiana, to Roy O.
hopes to complete the divestitures within 12 to 18 months and raise $600 to $700 million.
came after being courted by a highly-organized citizen's committee - The Swan River Development Committee.
Plaintiffs allege that the Nature Guard shingles -- a cement and wood fiber shingle which L-P
manufactured and sold as a replacement for cedar shingles between 1995 and 1998 -- are inherently defective, are prematurely failing, and do not live up to the promises L-P
made to homeowners in brochures and its 25 year warranty.
In addition: L-P
says it will not pursue planned construction of an oriented strand board (OSB) mill on the St.
HAS ANNOUNCED that an accredited, third-party auditing firm has independently certified that L-P
's forest management and timber procurement practices in Texas and Louisiana fully meet the standards of the Sustainable Forest Initiative.
has agreed to pay $408 million in cash and notes plus the assumption of net debt of up to $50 million.
The effort is part of an agreement to assist in finding and managing ecologically significant sites on L-P
property that will be included in the company's Living Legacy Lands program.
will benefit from the additional diversity as it moves closer to its goal of generating 25-30 percent of its total sales from value- added products.
com alliance, L-P
has made an investment in YardConnect.
participates in cyclical markets, with current strength in oriented strand board (OSB) prices offsetting softness in lumber, plywood, and other wood products markets.