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| LP signs letter of intent to sell vinyl business Louisiana-Pacific Corporation reported that it has signed a letter of intent to sell its vinyl siding business to KP Building Products Inc. The sale includes LP's two vinyl siding mills, located in Holly Springs, Miss., and Acton, Ontario, and a warehouse in Milton, Ontario. Subject to the negotiation and execution of a definitive agreement, LP and Kaycan anticipate completing the sale in mid-December. LP has adjusted its 2005 third quarter earnings, to reflect a write down of the assets associated with the vinyl business to reduce the net book value of these assets to the estimated net sales price for these assets. After the adjustment, LP's third quarter net income was $168.2 million or $1.53 per diluted share. These amounts will be reflected in the financial statements included in LP's Annual Report on Form 10-Q to be filed on or before November 10, 2005. write your comments about the article :: © 2005 Construction News :: home page |