The Timber Management Company will be taking over the management of the 165,000ha Central North Island Forest Partnership estate in New Zealand, the partnership’s receiver has announced.
Receiver Ferrier Hodgson said the new company would ensure stable management of the forests, plus an increased wood supply to independent sawmillers.
Meanwhile, a separate company will be jointly developed by the receiver and Carter Holt Harvey to co-ordinate log exports.
The former partnership, comprising Fletcher Challenge Forests and Chinese investor CITIC, has been in receivership for two years. Its plan to buy back the forests for NZ$650m last year failed to win shareholders’ approval.
