Nipigon, Ontario, January 9, 2007--The management of Columbia Forest Products' Multiply Underlayment Business said today that it has purchased the fixed assets of the units Nipigon, Ontario operation and Multiply trademark from Columbia Forest Products, Portland, OR.
The management buyout group will operate under the newly incorporated Multiply Forest Products, Inc.
Terms of the transaction were not disclosed.
Multiply is North America's oldest and largest manufacturer of premium hardwood underlayment for vinyl, ceramic tile and laminate flooring installations. The company also produces floor core platforms for North American manufacturers of engineered hardwood flooring products.
The Multiply facility was built in Nipigon Ontario in 1956 on the north shore of Lake Superior, situated 130 kilometers east of Thunder Bay, Ontario.
Doug Melien, Multiply's vice president, said, "The key aspect is our employees have an ownership stake in the company and share in the risks and rewards which will have a compelling outcome for Multiply's customers".
Gilles Boucher, Multiply's president, said, "Our management team is looking forward to building on the success of our former owners and adding value to our community by immediately investing $4,000,000 in a modernization strategy and we are working with the Province of Ontario Government of Canada for additional support".
