A Co Kilkenny wood panel manufacturing company, in which Coillte has a 35 per cent stake, is seeing a turnaround in its fortunes after losses of £15.5 million were made over the past two years, its managing director said yesterday. Mr Louis Hess, of Louisiana-Pacific Coillte OSB, said that the European market for its "oriented strand board" product was growing at more than 50 per cent annually. Operational profitability was expected by 2000.

It recently increased its workforce by 19 to 167 and is operating on a four-shift a day basis.