LP Corp., Nashville, Tenn., announced Thursday that it has agreed to buy Canfor's 50% share in the wood-product manufacturers' Peace Valley OSB joint venture in Fort St. John, British Columbia, for C$75 million (US$75.6), making LP the mill's sole owner. The facility has an annual production capacity of 820 million square feet and currently operates three shifts with plans to add another in the first quarter of 2013.

LP and Canfor currently run the mill jointly, with LP providing operational support and Canfor providing labor, fiber resource management, and administrative services, LP said in a statement Thursday. As part of the new ownership agreement, Canfor will continue to provide fiber resource management services and will provide administrative services during the transition.