Pacific Woodtech (PWT), a Washington state maker of laminated veneer lumber and I-joists owned by Itochu and Daiken, bought the engineered wood products business of Louisiana-Pacific for about $210 million in cash. The deal included three plants and the SolidStart brand. To fund it, Itochu put about ¥24 billion into PWT and became its majority owner with 75%; Daiken's share fell from 51% to 25%. About PWT Before the deal, Pacific Woodtech had sales of about ¥31.5 billion and an operating profit of about ¥6.3 billion a year. Two Japanese partners Itochu and Daiken formed a capital and business alliance in September 2018 to grow Daiken's materials business overseas. As part of that, Daiken bought 51% of PWT from Itochu in 2019. Funding the LP deal flipped control back to Itochu.
