GreenStone Industries Inc. said yesterday that its shareholders have approved a plan that will make the Bethesda company a subsidiary of the giant Louisiana-Pacific Corp.
Shareholders in GreenStone, which manufactures housing insulation from recycled paper, are to receive $5.25 in cash for each share of their common stock.
The company expects the deal to be completed in the first week of January.
GreenStone, whose sales nearly doubled to $41.1 million last year, has struggled from the lack of a marketing and distribution network. In 1995, the company reported a net loss of $700,000.
GreenStone has roughly 350 employees and owns seven manufacturing plants throughout the United States.
For Louisiana-Pacific, a Portland, Ore.-based forest products company that makes and distributes lumber, pulp, hardwood veneers and insulation, acquiring GreenStone is a move that is intended to capture a larger share of the home insulation market.
Most residential insulation currently is supplied by firms that make glass fiber insulation.
Pub Date: 12/25/96