Ernslaw One has sold the Whangapoua and Ruatoria forests with a combined area of 15,100 productive hectares to Summit Forests New Zealand Limited. Source: Timberbiz
Yong Tiong, Executive Director of the Oregon Group, the parent company of Ernslaw One, said this was a significant step forward in executing Ernslaw’s strategy in New Zealand.
“This reflects a continued focus on positioning our estate to meet our strategic goals of creating high value downstream products,” Mr Tiong said.
Part of the proceeds from this transaction will facilitate further investments in the Group’s timber and pulp processing facilities located in the North Island.
“This acquisition of highly productive forests will complement the other assets acquired over the last decade in New Zealand. We look forward to continuing to manage these forests in line with Summit’s commitment to best practice and the highest environmental standards,” Takashi Sasaoka, Managing Director of Summit Forests New Zealand Limited, said.
