Sumitomo buying Juken Northland forestsSumitomo Corporation has moved to purchase the forest assets of Juken NZ located in Northland. The purchase is subject to ratifying a log supply agreement with Juken for their Kaitaia triboard and LVL mill supplies.Wood One established JNL as a local subsidiary in New Zealand in 1990 for the purpose of securing long-term stable wood resources. At that stage, JNL acquired management rights of state-owned forests (mainly radiata pine) in three regions in the north, east and southern parts (Northland, East Coast and Wairarapa) of the North Island from the New Zealand Government. At the time Juken was keen on plantation radiata pine to reduce its dependence on south-sea logs. Later, JNL enlarged the plantations through new acquisitions and leasing deals in each region. The current total forested area under JNL’s management is 76,000 hectares, which is made up of 36,000 hectares in Northland, 25,000 hectares on the East Coast and 15,000 hectares in Wairarapa. |
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