New Zealand MDF business changes hands
THE DONGWHA-OWNED MEDIUM DENSITY Firbeboard (MDF) plant at Mataura in the lower South Island is changing hands.
Japanese building materials manufacturer, Daiken Corp. is set to acquire Dongwha New Zealand at the end of December, pending clearance from the Commerce Commission, as part of a plan to expand its sales of medium-density fibreboard. The size of the deal has not been announced, but it is thought to be around 10 billion yen ($89.7 million). Dongwha NZ’s parent company is based in Hong Kong and its sales here were $91.59 million for the last financial year.
Both companies produce medium-density fibreboard and Daiken says it is looking to promote the product’s use more in the future. Daiken already has production centres in New Zealand and Malaysia and is hoping to expand operations through Dongwha’s sales networks in Oceania and North America. NZL