Agreement for sale of Nelson Forests
Friday 8 Dec 2017Nelson Forests Ltd is pleased to confirm that an agreement has been reached regarding the sale of the business to OneFortyOne Plantations (OFO), a leading Australian forestry company. The transaction is subject to Overseas Investment Office (OIO) approval and is expected to close during 2018.
Nelson Forests is currently 100% owned by investment funds, advised by Global Forest Partners LP, a US-based timberland investment management organisation. Nelson Forests manages 78,000ha of forest in the Nelson/Tasman and Marlborough regions and the Kaituna Sawmill near Blenheim.
Lees Seymour, Managing Director of Nelson Management Ltd (the management company for Nelson Forests Ltd) indicated that this is a very positive outcome for everyone involved, noting that “we will continue to operate the business to the very high standards that we hold ourselves to while the OIO considers the transaction.”
“All arrangements with staff, customers and suppliers and contractors will continue on,” says Seymour. “Nelson Forests provides many benefits for the Nelson/Tasman and Marlborough communities and to the rest of New Zealand such as jobs and domestic supply of logs and timber. I am pleased with OFO’s committment to continuing and enhancing the benefits delivered to New Zealanders. This is a change of ownership but the business and its fundamental values remain the same.”
For local coverage of the story, click here.
Copyright 2004-2018 © Innovatek Ltd. All rights reserved.