SANTIAGO, May 12 (Reuters) - Chilean wood products manufacturer Masisa said on Monday it signed an agreement to transfer 75 percent of an oriented strand board plant in Brazil to a Louisana-Pacific (LPX.N: Quote, Profile, Research) subsidiary for $55.5 million.

Masisa MYS.NMSS.SN, Latin America's largest manufacturer of wood panels, said the companies had reached an agreement on the transfer of the shares in Masisa OSB Industria e Comercio S.A., located in Ponta Grossa Brazil.

The remaining 25 percent of the shares will remain under the control of Masisa.

The OSB (oriented strand board) plant has an annual production capacity of approximately 350,000 cubic meters.

"The total agreed value of the OSB plant was $74 million, close to the book value of the assets, which means the sale should not have a significant effect on Masisa's accounting results," the company said in a statement to the Stocks and Insurance Superintendency (SVS).

Masisa said it had already received $44.4 million of the $55.5 million total agreed to for the deal.

"The proceeds from this transaction will be used mainly to reduce debt and/or finance Masisa investments," the company said.

($1 = 437.71 Chilean pesos at the end of March) (Reporting by Lisa Yulkowski; Editing by Christian Wiessner)