Olympic Panel Products LLC Acquires Simpson's Plywood Business

Shelton, Washington - Olympic Panel Product LLC ("OPP") announced today that it purchased Simpson Timber Company's ("Simpson") specialty, overlay plywood business. OPP will continue to operate in Shelton, WA where Simpson produced specialty plywood panels for the past fifty years aimed at a variety of industrial sectors, including the transportation, commercial construction and sign markets. OPP will retain the existing high-quality management and hourly workforce, providing a seamless transition for customers and suppliers.

OPP was founded by Atlas Holdings LLC, a Connecticut based private investment group, focused on specialty manufacturing businesses, and a team of former executives of forest product companies, including David Wang and Richard Yarbrough. Mr. Wang was a former Executive Vice President and Director of International Paper Company ("IP"). Mr. Yarbrough has held senior level positions at IP and Louisiana Pacific Company. On-site management includes former Simpson employees: Ben Horn, General Manager, Jim Langenberg, Production Manager, Jim Zmudka, Sales & Marketing Manager, Ken Pratt, Technical Director, and Eric Larsen, Controller.

Richard Yarbrough commented "We are excited about our purchase of Simpson's plywood business because of its loyal customer base and high-caliber workforce and unique position in the market. Our intention is to devote resources to OPP to expand and improve the business including investments in sales activities, product development and mill capital." He also stated, "Customers and suppliers should notice very little differences in doing business with us because we have the same great team and a strong balance sheet." Ben Horn, General Manager of OPP, also stated, "I think I can speak for all of the former Simpson employees. We are excited about OPP's purchase of the business because they will invest in the future of the business here in Shelton. OPP does not intend to significantly alter the business nor its commitment to producing the highest quality panel in the marketplace. Our long-time customers will see no interruptions in our delivery and service." In conjunction with the purchase, OPP entered into a new three year collective bargaining agreement with the International Association of Machinists-AFL-CIO Woodworkers/IAM Local Lodge W-536.