West Fraser Timber, a North American diversified wood products company, agreed to acquire Norbord, a manufacturer of wood-based panels and oriented strand boards, from Brookfield for $3.1bn. Following closing, the combined company will operate as West Fraser. The deal is expected to close in the first quarter of 2021. "This transaction gives us additional financial flexibility to pursue strategic growth opportunities, and better positions our company to deliver value to shareholders through the cycle. Our companies have complementary operating cultures, with a common priority on safety, sustainability and cost management, and we are thrilled to welcome Norbord's talented employees to West Fraser. We look forward to drawing from best practices across the operations as we pursue the significant strategic opportunities this transaction will unlock," Raymond Ferris, West Fraser President and Chief Executive Officer.