Latin American panel manufacturer Masisa is consolidating its position in Mexico through an US$8.8m deal to acquire resin production assets from the Canadian bonding and surfacing materials group Arclin Inc.

Masisa México, an offshoot of the Santiago, Chile-based forest products group signed an agreement in April to buy the Arclin México resins and formaldehyde plant, located next to Masisa’s particleboard plant in Durango.

Arclin’s Mexican production unit has an annual resin capacity of 60,000 tons and formaldehyde capacity of 7,300 tons. The purchase deal also includes Masisa’s acquisition of formulations for products Arclin markets in Mexico, as well as agreement by Arclin to the transfer and licensing of technology, formulations and technical advice.

Masisa México’s new chemical operations are to be run by a newly created Masisa subsidiary Masnova Química SA de CV.  Arclin’s Mexican business recorded annual 2011 sales of US$25m.

The new company will review existing Arclin relations with its Mexican workforce, customers and suppliers while maintaining commitment to innovation, service, quality, sustainability and low emissions of formaldehyde. It also plans to “refinethe product portfolio, according to regional press reports.

Masisa’s Durango panel plant has particleboard capacity of around 150,000m3/year with panel lamination capacity. In 2010, the plant launched a new lamination line and paper impregnation unit with an investment of US$5m.