CSR completes divestment of Timber division with sale of Featurpanels business

CSR Limitedhas completed the divestment of its timber division for a total of around$800 million, following an agreement to sell the FeaturPanels moulded doorpanel operation at Oberon, in New South Wales, to JELD-WEN Australia Pty Ltd.- a subsidiary of JELD-WEN, inc., one of the worlds largest manufacturers ofwindows, door panels and doors.

Thetransaction is expected to be finalised by the end of September. The saleprice was not disclosed.

Almost allof the 91 CSR employees at the Oberon FeaturPanels plant are expected to beoffered employment with the new owners.

CSR ManagingDirector Peter Kirby said that whilst the sale to JELD-WEN was not a majortransaction, "it is symbolic because it is the final transaction in thedivestment of our Timber business, as part of our strategy to transform CSRinto a major international building materials company."