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

 


Southern Cross Forest Products

21 July 2014

MEDIA RELEASE

Southern Cross Forest Products

The receivers of Southern Cross Forest Products Ltd (in receivership) (SCFP) have confirmed the sale of the company’s Milburn sawmill and Millstream drymill assets in Otago to Pan Pac Forest Products Ltd (Pan Pac).

Receiver, Brendon Gibson from KordaMentha, said the sale – which is subject to approval from the Overseas Investment Office – was good news for the local forestry industry.

“We are pleased to have negotiated a sale to an experienced wood processor that is going to reinstate production.

“When production recommences, Pan Pac has advised it expects to employ up to 30 people. This will provide an opportunity for SCFP’s former employees to re-enter the industry,” Mr Gibson said.

Pan Pac Managing Director, Doug Ducker said the company planned to make a significant investment to increase the mills’ production capacity prior to recommencing production in early 2015.

“This is a strategic move to enhance Pan Pac Lumber’s position as New Zealand’s leading supplier of appearance grade radiata lumber to global markets.

“These mills will complement and supplement our current output from our sawmill at Whirinaki, Napier. The additional product will be sold into our existing customer base to meet increasing demand and to further enhance sales into Asia.

“Oji Holdings Corporation – Pan Pac’s Japanese owner – has shown strong support for this opportunity and in doing so, support employment and regional development in the Otago area,” Mr Ducker said.

The Receivers are now starting sale processes for other SCFP assets in the Otago region.

[ends]


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news