Masisa SA (NYSE:MYS)
Industry: Industrial Goods
Masisa S.A. (Masisa), incorporated on October 31, 2003, is a vertically integrated forestry and wood products company. It grows and harvests timber in plantations located in tree growth areas in the world, and sells its manufactured products primarily to the construction and furniture industries, mainly in Latin America and the United States, as well as to customers in other markets, such as Europe and Asia. Its main products include sawn lumber, saw and pulp logs wood boards, and solid wood products. Masisa manufactures wood board products in Latin America, which include medium density fibreboard (MDF), particle board and oriented strand board (OSB) that are mainly sold in the Latin American region. The Company also produces products, such as MDF mouldings, finger-joint mouldings and solid wood doors. These products are sold principally in the United States. The Company and its forestry subsidiaries manage and operate the cultivation of its tree stock in its nurseries, and the establishment and management of its plantations and forests, log manufacturing, log sales and marketing, log trading, transport and supply chain activities. On April 12 and April 13, 2005, respectively, the shareholders of Masisa and Terranova S.A. (Terranova) approved the merger by incorporation of the former Masisa into and with Terranova. At the same shareholder meetings of Masisa and Terranova, at which the merger was approved, the shareholders of each company also approved changing the name of the merged company from Terranova S.A. to Masisa S.A. The merger became effective on May 31, 2005. As a consequence, the company known as Masisa, before May 31, 2005, no longer exists. Terranova's name was changed to Masisa at the effective time of the merger and as the surviving entity and is the legal successor of the former Masisa for all purposes. Masisa is controlled by the Grupo Nueva group, or Nueva Holding, Inc., a Panamanian company, which through its Chilean subsidiaries Grupo Nueva S.A. and Inversiones Forestales Los Andes S.A., owned a 76.38% interest in the Company prior to the merger between the Company and Masisa. As a result of and immediately following the merger, Grupo Nueva S.A. beneficially owned in the aggregate approximately 59.5% of the outstanding shares of the merged company. Medium density fiberboard MDF is manufactured by removing the fibers from wood chips and sawdust, mixing the wood fiber pulp with adhesives and forming the mixture into flat sheets, which are dried, heated, pressed, cooled, cut to size and finished. MDF has applications in furniture, cabinet and millwork manufacturing. Machining qualities make MDF well-suited for the production of pieces with critically shaped and profiled edges. Its uniformly dense surface gives superior results when grain-printed or painted. MDF shapes and routs with precision, drills easily and cuts cleanly. It is an effective core material for high-pressure laminates, fast-cycle melamine and veneers. The Company produces all the standard thicknesses and densities of MDF, including thin-MDF, some melamine-laminated MDF and a small amount of wood-veneered MDF. Melamine-laminated MDF is MDF covered on one or both sides with paper impregnated with melamine, a plastic laminate. The Company also produces a high-density MDF to be used for flooring. Masisa markets its MDF under the brand name MDF Masisa. For the year ended December 31, 2005, MDF sales represented 33.6% of its consolidated net sales. Particle board Raw particle board is manufactured by mixing wood chips, wood shavings and sawdust with adhesives and rolling or pressing the mixture into large flat sheets of varying sizes and thickness, which are then cut, quality-analyzed and packaged. Raw particle board is used in a variety of applications in the construction industry, such as ceilings, floors and closets, and is also used in the manufacture of furniture. The Company produces different types of raw particle board that are marketed under the brand names Placa Masisa, Masisa Panel, Ecoplac, Facilplac and HR100. Masi
As Of: 10/07 00:00 ET
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