Louisiana-Pacific to Sell Lumber Operations

Louisiana-Pacific Corp. is selling its lumber operations in Northern California to two privately held investment groups for about $615 million, allowing it to focus on becoming the top supplier of building products nationwide, the Portland, Ore.-based company said. Louisiana-Pacific said Seattle-based Simpson Investment Co. and San Francisco-based Sansome Partners agreed to buy more than 300,000 acres of redwood timberlands, three operating sawmills and two distribution units, among other operations. The deal is subject to regulatory approvals and is expected to close in late June, the company said. Louisiana-Pacific shares fell 25 cents to close at $21.31 on the NYSE.