Weyerhaeuser, Global Forest Partners Complete Sale of New Zealand Assets
Press release from the issuing company
FEDERAL WAY, Wash., Oct. 31 2007 -- Weyerhaeuser Company and Global Forest Partners today announced the completion of the sale and transfer of assets from their former joint venture to GFP sole ownership after receiving the necessary government approvals.
Under the agreement, GFP investment funds will acquire Weyerhaeuser New Zealand, Inc., and Weyerhaeuser's interest in the Nelson JV assets. These assets include approximately 67,000 productive hectares of plantation forests in the Nelson/Marlborough region and the Kaituna sawmill at Renwick, which has a log input capacity on a single shift of 80,000 cubic meters annually.
Terms of the agreement were not disclosed.
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