The company now managing the 180,000ha central North Island forests in New Zealand, has been officially launched in Rotorua.

The Timber Management Company (TMC) is in control of the failed Central North Island Forest Partnership’s estate, which includes the 162,000ha Kaingaroa Forest, the largest plantation in the Southern Hemisphere.

Receivers set up TMC to run the partnership’s assets as a going concern. Assets include five smaller forests in the Bay of Plenty and the Kaingaroa processing plant.

TMC chairman Michael Stiassny said the new management team and infrastructure would improve the chances of selling the partnership’s assets.