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Sale of SCFP Thames operation confirmed

25 June 2014

MEDIA RELEASE

Sale of SCFP Thames operation confirmed

The receivers of Southern Cross Forest Products Thames Timber Ltd (in receivership) (Thames Timber) have confirmed the sale of the entire Thames operation to Profiles Woodproducts Limited, with settlement to occur on 18 July 2014.

Receiver, Brendon Gibson from KordaMentha said that upon settlement, Profiles Woodproducts Limited planned to integrate the Thames Timber greenmill and drymill operations into their existing business.

“We understand as part of its integration process that Profiles Woodproducts Limited will restructure the Thames business and reduce operations from two shifts to one. Unfortunately, any restructuring will result in redundancies for some of the workforce.

“While no staff are being given notice at this time, we wanted to ensure they were advised as early as possible. We have undertaken to support community initiatives designed to get workers made redundant back into employment.

“We wish to thank the staff for the professionalism they have shown in working through this difficult time,” Mr Gibson said.

Mr Gibson noted that that the new owners have said they intend to maintain customer relationships.

Further announcements regarding the sale of the remaining SCFP South Island assets will be made in due course.

[Ends]

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