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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news