Louisiana-Pacific shutting 30 mills, cutting 4,400 jobs

PORTLAND, Ore. - Louisiana-Pacific, which makes lumber, pulp and building products, said it will sell several businesses and shed nearly half of its work force as part of a restructuring effort.<br> <br> The Portland-based company said it would trim 4,400 jobs - cutting its work force from 9,700 to 5,300. The moves would leave the company with 30 North America mills instead of 60.<br> <br> It is also selling 935,000 acres of timberland in three states - Idaho, Louisiana and Texas - and its plywood, industrial panels and lumber businesses.<br> <br> In a statement Wednesday, Louisiana-Pacific said it wants to focus on its more profitable businesses and expects the sale to net the company more than $600 million.<br> <br> &#34;We believe that our greatest potential to create shareholder value will result from focusing on our core businesses as well as from using proceeds from the divestitures to pay down debt,&#34; said Mark A. Suwyn, the chairman and chief executive officer.<br> <br> The most significant assets to be divested are the nearly million acres of timberlands, and its lumber business, which produces 1.4 billion board feet annually and holds the No. 1 position in stud lumber in North America.<br> <br>

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