Australia’s largest integrated forest products company Gunns has completed the acquisition of ITC Timber for A$88.5m.
The completion follows the announcement by the Australian Competition and Consumer Commission that it would not oppose the acquisition.
“The acquisition represents a logical combination of two complementary businesses and is expected to deliver significant realisable synergies by the end of year one,” said Gunns company secretary Wayne Chapman.
The acquisition of ITC Timber from Elders extends Gunns’ interests in hardwood sawmilling and wood chips in Victoria and Tasmania.
The deal includes a 50% stake in Smartfibre, a woodchip export joint venture with Forest Enterprises Australia.
