“This asset exchange will better align our portfolio of northern mills with our business strategy,” said Peter Wijnbergen, Norbord’s president and CEO. “The Chambord mill is larger and located in the Saguenay-Lac St Jean area which is the biggest timber-producing region in Quebec.

“While market conditions do not support an immediate restart of Chambord, the asset is in good condition and is located closer to key markets, representing a better competitive opportunity for Norbord.” Mr Wijnbergen concluded.

The Chambord OSB mill was built in the 1980s and has a stated capacity of 470 million ft2 (3/8in basis). It was curtailed by LP in 2008.

In addition to the Chambord mill, Norbord’s assets in Quebec include an operating OSB mill in La Sarre and a technology research and development centre in St-Laurent.

The La Sarre mill is a key part of Norbord’s ability to serve markets in eastern Canada and New England. Over the last five years, the company has invested more than US$35m to improve and ensure the mill’s long-term competitiveness, including significant investments in new technology, equipment and processes.