OneFortyOne bid to ac­quire Ju­bilee High­way sawmill

Australian Forests and Timber - - In The News -

OneFortyOne Plan­ta­tions (OFO) is in ad­vanced dis­cus­sions to ac­quire the Ju­bilee High­way sawmill in Mount Gam­bier and the Wood­chip op­er­a­tions at Port­land from Carter Holt Har­vey.

OFO Chief Ex­ec­u­tive Of­fi­cer Linda Sewell de­scribed the in­tended ac­qui­si­tion as fur­ther ev­i­dence of the com­pany’s strong com­mit­ment to the Green Tri­an­gle.

“Our com­pany’s pur­pose is to build a dy­namic in­dus­try in and around our for­est. To­day’s an­nounce­ment rep­re­sents a land­mark in­vest­ment, com­bin­ing OFO’s world class for­est with a sig­nif­i­cant re­gional mill. This is a great busi­ness and it is an,” Ms Sewell said.

OFO holds a 105-year lease over its Green Tri­an­gle for­est es­tate, and its on­go­ing suc­cess re­lies on there be­ing a vi­brant re­gional in­dus­try. The an­nounce­ment sig­nalled a vote of con­fi­dence in the lo­cal sec­tor and demon­strated the re­silience of the econ­omy in the South East.

“We are the only for­est grower in the Green Tri­an­gle that sup­plies logs to all lo­cal tim­ber pro­ces­sors.

“Since as­sum­ing cus­to­di­an­ship of the forests five years ago, we have in­creased sup­ply to do­mes­tic cus­tomers by 45%.

“We are com­mit­ted to re­tain­ing a di­verse and en­dur­ing cus­tomer base. This is un­changed as a re­sult of to­day’s an­nounce­ment.

“Going for­ward we have no plans to ex­pand the mill. We will con­tinue to man­age the for­est es­tate on a sus­tain­able ba­sis and meet our obli­ga­tions to the State for an av­er­age age of clear­fall of 32 years or greater,” said Ms Sewell.

OFO is pleased to con­firm there will be no job losses as a re­sult of the change of ownership of the Ju­bilee High­way mill.

OFO also con­firms that it con­tin­ues to eval­u­ate the fea­si­bil­ity of its pro­posed green­field par­ti­cle board mill and ex­pects to have more news on this project in the next six months fol­low­ing suc­cess­ful com­ple­tion of the Ju­bilee High­way ac­qui­si­tion.

The com­ple­tion of the ac­qui­si­tion is sub­ject to cer­tain con­di­tions in­clud­ing re­view and ap­proval by the Aus­tralian Com­pe­ti­tion and Con­sumer Com­mis­sion (ACCC).

■ Linda Sewell, Chief Ex­ec­u­tive Of­fi­cer, OneFortyOne Plan­ta­tions, and Paul Har­tung, Carter Holt Har­vey.

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