The application is subsequent to a detailed feasibility study into upgrading the current 25-year old facility to include state-of-the-art continuous press and environmental control technologies.
This investment would help secure the long term future of the 130 staff directly employed at the site, as well as over 300 jobs supported indirectly through the supply chain.
"We are excited by the potential for what would be a major step forward for our European business," said Karl Morris, managing director of Norbord Europe.