Maibec announced a joint agreement with LP to acquire East River facility located in Nova Scotia, Canada as well as the assets and brand rights for CanExel®, the fiber-based siding product manufactured there. The closing of this transaction is subject to customary closing conditions and is expected to occur in the second quarter of 2020.
According to the announcement, the acquisition is perfectly in line with Maibec marketing strategy to become the North American leader in siding systems by offering a varied range of products to its customers.
“We are very excited about the proposed transaction. CanExel is a leading brand in its market, just as Maibec is one of the most recognized brands of genuine wood siding and Eastern White Cedar Shingles. Adding CanExel to Maibec’s portfolio provides a broader product offering to our growing markets. CanExel will be instrumental to our expansion throughout North America.” Patrick Labonté, Maibec Chief Executive Officer