Louisiana-Pacific Drops as Competitor Announces Mill Startup
Louisiana-Pacific Corp. (LPX), the largest U.S. producer of a lumber look-alike used in houses and furniture, fell the most in seven weeks after a competitor announced it would open a new plant.
Louisiana-Pacific, based in Nashville, Tennessee, dropped 6.1 percent to $13.49 in New York, the biggest decline since July 31.
Closely held Georgia-Pacific LLC will ramp up production at its oriented-strand board facility in Clarendon County, South Carolina, in the first quarter of 2013, the Atlanta-based company said in a statement today.
Georgia-Pacific is owned by Koch Industries Inc. It will spend $30 million to complete the Clarendon County factory, which it acquired in 2010 for $400 million in a deal that included a similar plant in Allendale, South Carolina, and other facilities, the company said.
To contact the reporter on this story: Sonja Elmquist in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Simon Casey at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.