2008-05-12 23:51:01 -

- Louisiana-Pacific Corporation Media Relations: Mary Cohn, 615-986-5886 or Investor Relations: Becky Barckley or Mike Kinney, 615-986-5600 Louisiana-Pacific Corporation (LP)(NYSE:LPX), announced today it has completed the initial phase of its purchase of a 75% ownership interest in Masisa OSB Industria e Comercio S.A., which operates OSB assets located in Ponta Grossa, Brazil. The purchase is being made through LP Brasil

Participacoes Ltda., a limited liability company, and a subsidiary of Louisiana-Pacific South America S.A., a wholly-owned subsidiary of LP. The OSB assets, placed in service in late 2001, have an annual production capacity of 375 million square feet.

Final close is anticipated in the third quarter of 2008 following a transition period that will allow the two companies to work cooperatively to facilitate LP assuming full operating control of the OSB assets.

"We are very pleased with this purchase," said Rick Olszewski, executive vice president of sales and LP's specialty products businesses, and president of LP South America. "Our due diligence process confirmed our confidence in the quality of these assets and their potential to serve a growing demand for affordable housing in Brazil and other parts of South America."

LP currently operates mills in Panguipulli, Chile, and in Lautaro, Chile.

LP, headquartered in Nashville, Tenn., is a premier supplier of building products, manufacturing innovative, sustainable, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers. Visit LP's Web site at www.lpcorp.com for additional information on the company.

¶ Masisa's Ponta Grossa facility has annual production capacity of
375 million square feet OSB