Heyfield timber mill purchase finalised
Friday 22 Sep 2017The Victorian Government last week finally signed a deal to buy the Heyfield Timber Mill, after Premier Daniel Andrews made the decision to buy the mill in July. Under the arrangement, Minister for Industry and Employment Wade Noonan will be responsible for the transition of ownership from the Hermal Group and oversee the corporate structure and strategic direction of the mill.
A new board will be established and the existing ASH management team will be responsible for the day to day operations of the business. The Government has not said how much they have paid to buy the business but it is understood at least AU$40 million has been paid.
The Victorian Association of Forest Industries chief executive Tim Johnston welcomed the Government's move. "The forest, fibre and wood products industry is the lifeblood of many rural and regional communities across Victoria," he said. "It is a AU$7 billion industry that employs 21,000 Victorians and supports another 40,000 to 50,000 local jobs, many of these in regional areas."
Source: ABC News
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