Summit Forests Acquires Two Ernslaw Forests
Wednesday 3 Nov 2021Ernslaw One and its advisor Cranleigh Partners are pleased to announce that Ernslaw has completed an agreement to sell the Whangapoua and Ruatoria forests with a combined area of 15,100 productive hectares to Summit Forests.
Yong Tiong, Executive Director of the Oregon Group, the parent company of Ernslaw One, said this was a significant step forward in executing Ernslaw's strategy in New Zealand.
“This reflects a continued focus on positioning our estate to meet our strategic goals of creating high value downstream products,” says Mr Tiong.
Part of the proceeds from this transaction will facilitate further investments in the Group’s timber and pulp processing facilities located in the North Island.
Takashi Sasaoka, Managing Director of Summit Forests, said this is an important day for Summit Forests as it continues to establish a long-term business in New Zealand.
“This acquisition of highly productive forests will complement the other assets acquired over the last decade in New Zealand. We look forward to continuing to manage these forests in line with Summit's commitment to best practice and the highest environmental standards,” says Mr Sasaoka.
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