Final close of the deal was anticipated in the third quarter of 2008 following a transition period which will allow the two companies to co-operate in facilitating LP assuming full operating control of the OSB assets. "We are very pleased with this purchase," said Rick Olszewski, executive vice president of sales and LP’s speciality products businesses, and president of LP South America. "Our due diligence process confirmed our confidence in the quality of these assets and their potential to serve a growing demand for affordable housing in Brazil and other parts of South America."