Going Solo: Fiberboard

HEN Louisiana-Pacific Corp. cut loose its Fibreboard division, Fibreboard could have been expected to take the first steps on its own shyly and quietly. But the "new" Fibreboard Corp. has by no means been content to settle for business as usual.

Story at a Glance

Spun off from Louisiana-Pacific last summer, Fibreboard aims for key acquisitions, a wood products focus, paring down of non-core operations... optimistic outlook on asbestos liability.

During its first six months as a publicly owned company, Fibreboard has instead been making headlines: "Fibreboard Announces Listing of Common Shares on the American Stock Exchange," "Fibreboard Receives Favorable Decision in Asbestos Insurance Coverage Case," "Fibreboard Expands Wood Products Operations," "Fibreboard Responds to Takeover Bid," "Fibreboard Moves into Larger Quartgrs"

In addition, Fibreboard recently began a bold restructuring of the company in an effort to fine tune its focus on its primary wood products sector. The firm is selling off its unprofitable businesses along with moneymaking divisions that don't directly tie into its core wood products business.

A company on the move is illustrated by Fibreboard's recent acquisition of Snider Lumber Products, Turlock, Ca. Snider's two sawmills have an annual lumber production capacity of approximately 100 million board feet, and the remanufacturing plant has an annual capacity of about 180 million b.f. The acquisition increases Fibreboard's lumber production capacity by nearly 50% and introduces remanufacturing capabilities.

"Strategic acquisitions such as this play an important part in achieving our goal of managed growth and development of our core businesses," says Fibreboard chairman and president Lawrence C. Hart. Fibreboard's busiest sector has been the wood products division. During the last six months, two new products have been introduced: a 5.2 mm MDF core panel and FibreLam, "the hardwood panel of the 90s." Mike Sampson, director of marketing, describes Fibre-Lam as a high quality hardwood panel with a "mini-veneer"-like waferboard core providing structural strength without the added weight, voids or cutting difficulties of other board core panels. The MDF product uses thicker (1/30") face veneers, laminated to a smooth consistencv. MDF core.

The wood products division operates softwood lumber mills in Dillard, Or., and Burney, Standard and Truckee, Ca. The sawmills have a normal annual production exceeding 200 million b.f., producing about half industrial grade lumber and half dimension lumber and studs. The company also holds 140,000 acres of pine and white fir forests, supplemented by timbers purchased on the open market or at government timber sales.

The company also owns two independent fleets of trucks operating from three California locations. The combined 88 tractor trailers haul approximately five million miles annually.

Other diverse holdings include Pabco Insulation Products divisionl Trimont Land Co., which owns a Lake Tahoe resort; a printing plate group, and Gourmet Gardens, a hydroponic greenhouse utilizing excess heat from the Standard mill to produce gourmet vegetables for fine restaurants.

Although the secondary operations are up for sale, Fibreboard is rich with assets, recently attracting a tunity," says chairman and president Lawrence C. Hart. takeover bid by a group of investors which included Archibald A. "Red" Emmerson, president of Sierra Pacific Industries, Arcata and Redding, Ca.

Louisiana-Pacific spun off Fibreboard because of the time and energy required to deal with Fibreboard's asbestos issue. The asbestos product liability suits have been a problem for Fibreboard as well as other firms which manufactured insulation products with asbestos prior to 1972. Fibreboard's aggressive attitude includes a willingness to talk honestly about the issue.

At the time of the spin off, Hart said, "We are entering into this new venture with our eyes wide openfully aware of our liabilities and the consequences they may hold, while being cautiously optimistic about their outcome and enthusiastic about the future." Fibreboard has since received favorable court decisions and reached an agreement in principle with one of its insurance carriers to provide payments for the asbestos bodily injury claims.

Fibreboard views the spin off as both a challenge and an opportunity. Say Hart, "We now have the opportunity to get closer to our customers, we have greater mobility, and the ability to act upon opportunities more quickly."

Action, immediate action, has become a way of doing business at Fibreboard.

Sales Seminar Schedule

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Oak Not Ashes

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Loaded With lron

Literature on a new ironing center that folds out from an all-wood cabinet is free from Uni-Cepts, Box 12683, Wichita, Ks. 67271.

Workbench Worksheet

A fold-out plan sheet (No. 6l) for a mobile workbench is free from the Western Wood Products Association, Yeon Building, 522 SW 5th Ave., Portland, Or.97204.

Make The Gonnection

A d-i-y project folder illustrating different wood framing connectors in action is free from Lumberlok, by calline (800) 221-7905, or (800) 221-7905 in Ca.

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Second Basements

A revised 24-p. "Beautiful Basements" is $3, refundable with purchase, from Georgia-Pacific, Box 2808, Norcross, Ga. 30091.

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Red Gedar Review

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G-P From A To Z

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February 1 989

Two Oregon Mills To Close

lort Hill Ir.rnrhcr ( o.. \'allcr .l Lrnctior.r. Or.. riill shut clo*n \lurch

I I Ianrplon \ tnccr. \\ illantirrl. ( )r.. rl ill close \llrch I 5.

Fscalating costs cluc to recortl Iris .xl)orts rrnrl intcnsc bidding cluc to rcclr-rctions rrrrd ir.tsccurity in pLrhlic tinrber of'lcrings hur c clriv'cr.t costs to r-rnecononrielLl lcrcls ancl hlrr,- tlutlc proclr-rcliorr ril r cnccr fl'orr Iurgc coastitl I)orrglus llr an ccononric lilbilitl rrccorcling to John I Irit'npton. ceo ol' l lanrpton .\fllliutcs. ori rtcr of both nrills.

'l irc I ort I Irll nrill u ill unclcrgo rcnrodcling to impr()\c proclr-rctivitl, Irncj rac0r cil . .\ttcr stlrt Llp scl.tcdLrlctl lirr \pnl 3. tl'tc slr* rrtill ri ill ()l)r't llr' iltt. .ltil't.,{'tlr\'lllt.rlillP,,ll prcnrir,r r.n priccd specrriltl cLlltlng itcnrs rrvailablc ll-onr highcr clualitr. llrrgcr I)ouglus lir logs. lrccording to Ilrrrrpton.

Th.- COnlpil Il\ c\l)CctS thcsc chrrngcs to rL-(iLlc. locril log consuntl) tion br' 60 nrillion f'cct rrnd rcsult in r.rncnrplolnrcnt lirr I50 peoplc

Joslin Lumber Remodeling

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Employees Invest In L-P Louisiultrt- I)rtci l'ic C'or1t. hlts irgreed to borr<lw' $60 nrillion t() loall to il trLlsl tbr its sulirriccl employccs trr r-rse to bLrl colttl)altV stock. Thc ltrllplorec- Stock Orincrship Trust's $60 nrillion riorth ol stock ri ill rcprcsctlt about 5 i, ol' thc compan) s .li ntillion outstuntlirtg sharcs.

South Bay Forest Products, a very special manufacturer of specialty lumber products, has a winning combination for you.

GIASSilFIED ADVERTISEMENTS

CENTRAL California wholesale lumber distributor looking for young, energetic salesperson to call on the retail trade. Some lumber exposure helpful. Reply Box 594, c/o The Merchant Magazine.

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Opportunity available to join one of the top office wholesale teams in the Pacific Northwest. Specifically looking for plywood, boards, green Doug fir, and hardwood traders. Top commissions and benefits. Must be able to relocate.

All replies in confidence to:

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Cascade Empire Corporation

P.O.Box 2770

Portland. OR 97208

Corporot ion

800-547-9371

SOUTHERN CALIFORNIA wholesaler seeks lumber/plywood traders lamiliar with California & Oregon mills and with experience or customer following in California & Arizona. Company operates own trucks and carries inventory in Southern California. Good salary/benefits plus bonus. Reply Box 593, c/o The Merchant Magazine.

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