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Norbord reported a record Adjusted EBITDA of $865 million for 2020, significantly up from $138 million in 2019, driven by higher OSB prices and improved productivity. The company, now a subsidiary of West Fraser (WFG), completed its acquisition on February 1, 2021. Adjusted earnings reached $6.38 per diluted share against a loss in the prior year. Fourth quarter results also saw a robust increase in Adjusted EBITDA to $384 million.
Despite challenges due to COVID-19, production at three mills set records, and reopening of the Chambord mill is planned for Spring 2021.
West Fraser Timber and Norbord have received shareholder approval for West Fraser's acquisition of Norbord. The resolutions included a Share Issuance Resolution, which passed with 99.99% approval, and a Stock Option Plan Amendment Resolution, passed with 97.71% approval. Norbord shareholders approved the Arrangement Resolution with 99.33%. They plan to seek a final court order for the transaction on January 22, 2021, with expected completion on February 1, 2021. The deal includes full regulatory approvals, allowing West Fraser Shares to be listed on the NYSE.
West Fraser Timber Co. Ltd. and Norbord Inc. have announced that management information circulars regarding West Fraser's acquisition of all Norbord shares will be mailed by December 24, 2020. The virtual shareholder meetings are set for January 19, 2021, with West Fraser shareholders voting on the issuance of shares as consideration for Norbord shares. Regulatory approvals have been received from the U.S. Federal Trade Commission and Germany. Following the arrangement, shareholders will own approximately 56% and 44% of the combined company.
Norbord Inc. (OSB) announced plans to restart production at its Chambord, Quebec OSB mill in spring 2021 due to rising customer demand. The decision follows the closure of its 100 Mile House mill and aims to meet anticipated demand exceeding current production capacity. Norbord has invested approximately $54 million to prepare the Chambord mill for operations, with total expected investments reaching $71 million. The mill will create about 120 jobs and is expected to operate at a low cost once fully ramped up, contributing to Norbord's flexible operating strategy.
West Fraser Timber Co. will acquire Norbord, the world's largest OSB producer, in an all-stock transaction valued at approximately C$4.0 billion (US $3.1 billion). This acquisition will enhance West Fraser's product and geographic diversity, creating a leading global wood products company. Post-transaction, Norbord shareholders will receive 0.675 shares of West Fraser for each share held, equating to C$49.35 (US$37.78) per Norbord share, representing a 13.6% premium. The deal is expected to unlock synergies of up to C$80 million annually.
Norbord Inc. (OSB) reported exceptional Q3 2020 results with Adjusted EBITDA of $322 million, a significant increase from $84 million in Q2 2020 and $33 million in Q3 2019. Adjusted earnings rose to $204 million or $2.52 per diluted share, up from a loss of $9 million a year earlier. The company declared a quarterly variable dividend of C $0.60 per share. However, Norbord announced the permanent closure of its 100 Mile House mill due to a wood supply shortage.
Norbord Inc. (TSX: OSB) has announced an automatic share purchase plan (ASPP) to facilitate the repurchase of its common shares under an existing normal course issuer bid (NCIB). The TSX has approved the buyback of up to 4,083,429 shares, representing about 5% of its outstanding shares, from November 5, 2019, to November 4, 2020. The ASPP allows for share purchases even during trading blackout periods, adhering to applicable Canadian securities laws. Norbord, a top global manufacturer of wood-based panels, has assets totaling approximately $1.8 billion, employing around 2,400 people.
Norbord Inc. reported a strong Q2 2020, achieving Adjusted EBITDA of $84 million, up from $75 million in Q1 2020 and $36 million in Q2 2019. Adjusted earnings reached $31 million or $0.38 per share, compared to an Adjusted loss of $8 million in the same quarter last year. Manufacturing costs decreased by 9% quarter-over-quarter. The company also resumed limited production at its Cordele, Georgia OSB mill due to increasing demand. Liquidity stood at $378 million.
Norbord Inc. (TSX: OSB) provided an update on its Q2 2020 capacity utilization for North American and European mills. Following the COVID-19 pandemic, the company adjusted operations, reducing mill capacity by 35% in April. As demand improved, North American mills operated at 74% capacity and European mills at 70% in Q2 2020, down from 79% and 93%, respectively, in Q1. The UK operations faced significant impacts due to lockdowns. Norbord plans to release its Q2 results on August 5, 2020, and will adjust operating schedules as needed amid ongoing uncertainties.
