ISLAND CITY — The particleboard facility in Island City is changing hands.

Kronospan — a worldwide producer of wood panel products — announced that it acquired the facility from Woodgrain, according to a press release. Kronospan has 41 production sites and 21 distribution centers in 28 countries across North America, Europe and Asia.

“The addition of the Island City plant and its talented team will further enhance our ability to serve our customers and provide long term benefit to our stakeholders,” North American operations CEO Hans Obermaier said.

Kronospan announced that it intends to invest in the modernization of the Island City location following the post-acquisition period.

“It was important for us to find a buyer that is a good fit for our 124 team members, and one that will continue to invest in the plant and its people,” Woodgrain President and CEO Kelly Dame said.

Kronospan first started operations as a sawmill in Austria in 1897, according to the release. It is a family owned company and employs around 14,000 people.