Georgia-Pacific has agreed to buy Grant Forest Products' oriented strand board facilities at Englehart and Earlton, Ontario; and Allendale and Clarendon, S.C.; for about $400 million.
Grant Forest Products must get approval for the sale from Canadian and U.S. bankruptcy courts.
Georgia-Pacific, which is owned by Wichita's Koch Industries, will employ more than 300 people in Ontario and at Allendale, S.C. It will complete the unfinished Clarendon plant and begin operations as soon as market conditions allow, employing more than 100 people.
The transaction is expected to close in the first half of the year.
"These are world-class facilities that fit strategically with our current wood products operations and we are pleased with this opportunity to grow our OSB business in Canada and the U.S.," said Mark Luetters, president of Georgia-Pacific Wood Products.