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

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news