Ernslaw One purchase of WPI

Ernslaw One purchase of WPI

Ohakune, 4 December 2007

Winstone Pulp International (WPI) announced today that it has entered into an agreement to sell its forests and wood processing facilities to Ernslaw One Ltd.

David Anderson, WPI’s Managing Director, said the purchase will strengthen existing WPI operations which will continue on a business as usual basis, and result in Ernslaw One becoming New Zealand’s fourth largest owner of forests.

“We see this move as extremely positive. The companies are a good fit. The sale will enable WPI to gain the benefits of operating on a larger scale and we look forward to joining the Ernslaw family of companies,” he said.

Ernslaw One will acquire WPI’s forests and also its processing facilities, which will operate as a subsidiary of the main group.

Ernslaw One owns and manages forests throughout the country and is one of New Zealand’s largest planters of new forests.

Based at Ohakune, WPI has forests in Waimarino and Karioi, and mills and manufactures pulp and sawn timber for local and export markets.

Both companies are privately owned, and Mr Anderson said they are now briefing staff, customers, suppliers and the local community.

The sale is subject to approval by the Overseas Investment Office.

ENDS

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