Pan Pac gets green light on Otago millsFriday 7 Nov 2014 Forest Products Limited (“Pan Pac”) has received Overseas Investment Office approval for the purchase of the ex Southern Cross Forest Products Limited (in Receivership) sawmilling and drying assets at Milburn and Milton with settlement and an ownership change to be completed by 18 November 2014.Pan Pac is a wholly owned subsidiary of Oji Green Resources Co., Ltd which is part of Oji Holdings Corporation of Japan. A new subsidiary company Pan Pac Forest Products (Otago) Limited has been formed to operate and manage the Otago assets in New Zealand. This strategic growth opportunity is Pan Pac’s first operation outside the Hawke’s Bay area where it has operated for over 40 years. Pan Pac will be upgrading both sites prior to recommencing full production in April 2015. The production from the Otago operations will be to meet Pan Pac sales demand for Lumber product sold primarily into Asia. Pan Pac Forest Products (Otago) Limited will be looking to commence recruitment of employees progressively from December 2014. The sites will initially employ 31 salaried and operational staff. |
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