Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Carter Holt Harvey to acquire Weyerhaeuser Aust

12 May 2008

Embargoed until 9am Australian EST, 12 May 2008

Carter Holt Harvey to acquire Weyerhaeuser Australia

Carter Holt Harvey (CHH), a subsidiary of Rank Group Limited, has agreed to acquire the timber manufacturing operations and timber distribution business of the Weyerhaeuser Australian Group, including the interest of Green Triangle Forest Products (GTFP). The businesses to be acquired include:

• Weyerhaeuser Australia Pty Ltd (WAPL) - the Caboolture (QLD) sawmill, the Tumut (NSW) sawmill, with the associated Gilmore remanufacturing operation;

• Green Triangle Forest Products (GTFP) manufacturing – the Lakeside sawmill and the Pine Mouldings Operation, both located in Mt Gambier, the Dartmoor (VIC) sawmill, and the export chip business operated out of Portland Victoria.

• Pine Solutions Australia (PSA) – the selling and distribution operations, located in Narangba (QLD), Berkeley Vale (NSW), Dandenong (VIC) and Adelaide (SA), and the Gordon (NSW) office;

The potential transaction does not include any of the timberland assets owned in joint venture by Weyerhaeuser and Global Forest Partners.

The parties have signed a non-binding letter of intent relating to the transaction. The transaction is subject to regulatory approvals by the Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB) and to customary due diligence. CHH has lodged an application with both bodies seeking approval for the transaction.

In 2007, a party approached CHH expressing interest in acquiring its Building Supplies business, which operates in both Australia and New Zealand. In response to this approach CHH conducted a strategic review of the Building Supplies business which included seeking expressions of interest from a number of parties in relation to all or part of the business.

During the course of that review the opportunity to acquire the Weyerhaeuser Australia businesses presented itself and CHH has determined that the combination of the Weyerhaeuser Australia businesses with its own CHH Woodproducts Australia business represents the best immediate strategic step in improving the combined business.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>


Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>