Su­mit­omo to lift New Zealand wood sup­ply

New Zealand Logger - - Forest Talk -

JA­PANESE FORESTRY COM­PANY, Su­mit­omo Corp, is look­ing to in­crease its New Zealand lum­ber ca­pac­ity 60% by 2020 to meet grow­ing de­mand in China and other parts of Asia.

The com­pany’s Sum­mit Forests New Zealand sub­sidiary owns around 29,000 hectares of plan­ta­tion forests and is plan­ning to in­vest $64.1 mil­lion to ex­pand its hold­ings to 36,000 hectares.

Sum­mit has al­ready signed a deal to ac­quire some 4,000 forested hectares in the North Is­land and aims to add more.

About 80% of Sum­mit’s lum­ber and tim­ber is split be­tween New Zealand, Aus­tralia and Ja­pan sales, while just 20% goes to China.

Fol­low­ing a de­ci­sion by China to sig­nif­i­cantly re­duce har­vest­ing in its own forests, Su­mit­omo be­lieves there is an op­por­tu­nity to sell more wood in the com­ing years.

NZL

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.