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Flakeboard operates two wood panel plants in Canada and five in the United States, said Arauco, one of the world's top wood pulp exporters.

"Once the acquisition of Flakeboard is finalized, Arauco's installed capacity in the United States will allow it to produce up to 2.9 million cubic meters of panels a year," Arauco said in a statement to Chile's regulator.

The firm did not provide details on how it would finance the purchase of Flakeboard.