Add-on Acquisition • Forest Products

West Fraser Acquires Norbord

On November 19, 2020, West Fraser acquired forest products company Norbord for 3.1B USD

Acquisition Context

This is West Fraser’s 7th transaction in the Forest Products sector.
This is West Fraser’s largest (disclosed) transaction.
This is West Fraser’s 5th transaction in Canada.
This is West Fraser’s 1st transaction in Ontario.

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M&A Deal Summary
Date	November 19, 2020
Target	Norbord
Sector	Forest Products
Buyer(s)	West Fraser
Deal Type	Add-on Acquisition
Deal Value	3.1B USD
Advisor(s)	Torys (Legal)

Target Company

Norbord

Toronto, Ontario, Canada

Norbord, Inc. is a global manufacturer of wood-based panels and the world’s largest producer of oriented strand board (“OSB”). In addition to OSB, Norbord manufactures particleboard, medium density fibreboard and related value-added products. Norbord has assets of approximately US$1.8 billion and employs approximately 2,600 people at 17 plant locations in the United States, Canada and Europe. Norbord was founded in 1987 and is based in Toronto, Canada.

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Buyer Overview 1

Buyer

West Fraser

Vancouver, British Columbia, Canada

Category	Company
Founded	1955
Sector	Forest Products
Employees	9,700
Revenue	6.2B USD (2024)

DESCRIPTION

West Fraser is a wood products company that produces lumber, newsprint, wood chips, plywood, panels, and pulp and paper products. West Fraser was founded in 1955 and is based in Vancouver, British Columbia.

Deal Context for Buyer	#
Overall	7 of 9
Sector: Forest Products	7 of 9
Type: Add-on Acquisition	6 of 8
State: Ontario	1 of 1
Country: Canada	5 of 6
Year: 2020	1 of 1
Size (of disclosed)	1 of 2

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2015-10-15	Manning Diversified Forest Products Manning, Alberta, Canada Manning Diversified Forest Products Ltd. is a manufacturer of dimension lumber and lumber by-products such as chips, shavings, pellets and hog fuel.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2015-10-15

Manning Diversified Forest Products

Manning, Alberta, Canada

Manning Diversified Forest Products Ltd. is a manufacturer of dimension lumber and lumber by-products such as chips, shavings, pellets and hog fuel.

Buy

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2021-10-12	Angelina Forest Products Lufkin, Texas, United States Angelina Forest Products produce a full line of Southern Yellow Pine lumber products. Angelina Forest Products is constructing a state-of-the-art sawmill in Angelina County. Angelina Forest Products is based in Lufkin, Texas.	Buy	$300M

DATE

TARGET

DEAL TYPE

VALUE

2021-10-12

Angelina Forest Products

Lufkin, Texas, United States

Angelina Forest Products produce a full line of Southern Yellow Pine lumber products. Angelina Forest Products is constructing a state-of-the-art sawmill in Angelina County. Angelina Forest Products is based in Lufkin, Texas.

Buy

$300M

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