Chilean wood panels manufacturer Masisa SA has relinquished its final links with OSB production in Brazil with the sale of its remaining 25% stake in its former OSB plant in Ponta Grossa, Brazil.

In 2008, the group’s Brazilian subsidiary Masisa do Brasil entered into a joint venture deal with LP South America, part of the US Louisiana Pacific Corporation giving LP a 75% share of its OSB operation. At the heart of the Ponta Grossa plant is a 350,000m3/year Dieffenbacher continuous OSB line.

The original deal included a put/call option for the remaining 25% share ownership and in May this year Masisa exercised its sell option agreeing to its purchase by LP South America.

LP has since then acquired the outstanding stake for around US$24m.

“The completion of this purchase is an important next step in our strategic focus on growing business in South America,said Rick Olszewski, president of LP South America.

“We have enjoyed a rewarding partnership with Masisa over the last three years of the joint venture. The Brazilian operation has continued to improve and offers strong potential for the future.”