Uniboard Canada Inc., a leading North American manufacturer of engineered wood products, announced on Tuesday that it was investing $250 million (CAD) in a new state-of-the-art particleboard press line at its Val-d’Or, Quebec, plant. The new continuous press will feature the latest in particleboard production technology.
Wood Markets News
Pacific Woodtech to Acquire LP Building Solutions’ Engineered Wood Products Business and SolidStart® Brand
LP Building Solutions (LP) today announced an agreement with Pacific Woodtech to acquire LP’s engineered wood products business for $210 million. The acquisition includes LP’s laminated veneer lumber and I-joist manufacturing facilities in three states/provinces, associated timber license assets, and the SolidStart® brand.
USDA Awards Grants to Virginia Tech and the Virginia Department of Forestry
Virginia Tech and the Virginia Department of Forestry are recipients of grants awarded under the Wood Innovation Grants Program (WIPG) from the US Department of Agriculture. WIPG looks at ways companies, organizations, and universities can stimulate and expand wood products and the wood energy markets.
New Vancouver Office Building Provides Examples of Rapid Timber Construction
oN5 is a new office building in downtown Vancouver, BC, constructed entirely of insulated, prefabricated cross-laminated timber (CLT). The new building includes instruments that monitor its performance, making it a living case study on the possibilities for urban infill projects with innovative mass timber.
Mortgage Applications Grew in the Week Ending June 17, 2022—The Second Consecutive Increase
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending June 17, the Market Composite Index increased 4.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.0% compared with the previous week.
Construction Sector Employment Reported Higher Month-Over-Month and Year-Over-Year in May
A closer look at the Bureau of Labor Statistics’ nationwide total nonfarm payroll employment report for May and its impact on the construction sector, reveals that nonfarm payroll employment increased in 32 states and the District of Columbia, compared to April, while 18 states lost jobs.
Canadian Consumer Price Index Increases Month-Over-Month and Year-Over-Year in May
Statistics Canada (StatsCan) reported today (6-22-22) that Canadians continued to feel the pinch of increasing prices in May, as consumer inflation rose 7.7% year-over-year. This is the largest yearly jump since January 1983 and is up from April’s 6.8% increase.
CN–IBEW Strike in Canada Enters Its Third Day; Two Other Contract Negotiations Loom
A strike at Canadian National Railway (CN), which began on Saturday, June 18 at 11:00 AM EDT by approximately 750 members of the International Brotherhood of Electrical Workers (IBEW), entered its third day on Tuesday with no signs of a settlement in sight. According to CN, despite the disruption, its daily operations will not be impacted.
UPM Announces Sale of Steyrermühl Site to the HEINZEL GROUP
UPM announced on Tuesday that it has entered into an agreement to sell 100% of the share in its Austrian subsidiary, UPM Kymmene-Austria GmbH, to the HEINZEL GROUP, a leading pulp, packaging, and paper producer and trader in Central and Eastern Europe. The parties have agreed not to disclose the value of the deal.
Sanctions on Russia for Its Invasion of Ukraine Set to Negatively Impact Australia’s Construction Industry
With supplies of key laminated veneered lumber (LVL) and engineered wood products (EWPs) imported from Russia and Belarus, which accounted for 40-50% of these construction products, no longer available due to sanctions, Australia’s tight timber markets are now facing a severe shortfall of products.