October 13, 2009 / 12:22 PM / 8 years ago

UPDATE 1-Norbord announces reverse stock split

* Board authorizes reverse stock split, effective Oct 16

* 432 mln shares to be reduced to 43.2 mln

TORONTO, Oct 13 (Reuters) - Canadian building products maker Norbord Inc NBD.TO said on Tuesday that its board had authorized a 1-for-10 reverse stock split, effective Oct. 16.

Norbord, one of the world’s largest producers of oriented strand board, an engineered wood product used in home construction, said the reverse split would reduce the number of the company’s common shares outstanding from about 432 million, to about 43.2 million.

The company, which also manufactures plywood and a range of other engineered wood products, said it would not issue any fractional shares.

The Toronto-based company, which employs about 2,500 people across 15 facilities in the United States, Europe and Canada, said the share consolidation had received conditional approval from the Toronto Stock Exchange.

Norbord shares will continue to trade on the TSX under the symbol “NBD” following the share consolidation.

Shares of the company, which closed Friday at C$1.62 on the TSX, are up 131 percent year-to-date. (Reporting by Euan Rocha; Editing by Lisa Von Ahn)

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