Yes it will because they have had to add a lot more copper to it since the had to stop usin arsenic. Get some regular ply wood and a quart of Marine Spar varnish. Seal it real good with about 3 coats of that and it will last about as long as treated wood. Or you could spend the extra money and use epoxy resin and hardner but not really worth it unless it's going to be really wet like on your transom.