Weyerhaeuser Company (NYSE:WY) announced today that Carter Holt
Harvey has begun a process to purchase the timber manufacturing
operations and timber distribution business of the Weyerhaeuser
Australia Group. This includes the interest in Green Triangle Forest
Products held by a fund advised by Global Forest Partners. This offer
includes:
Pine Solutions Australia – the
selling and distribution operations, located in Narangba, Queensland;
Berkeley Vale, New South Wales; Dandenong, Victoria; Adelaide, South
Australia; and the Gordon, New South Wales office.
Weyerhaeuser Australia - the Caboolture, Queensland, sawmill;
the Tumut, New South Wales, sawmill; and the associated Gilmore, New
South Wales, operation.
Green Triangle Forest Products manufacturing –
the Lakeside sawmill and the Pine Mouldings Operation, both located in
Mt Gambier, South Australia; the Dartmoor, Victoria, sawmill, and the
export chip business operated out of Portland, Victoria.
Weyerhaeuser Company, the parent company of the Weyerhaeuser Australia
business; Global Forest Partners, the investment advisor to RII World
Timberfund and 50 percent owner of Green Triangle Forest Products; and
Carter Holt Harvey have entered into a non-binding letter of intent
relating to the transaction.
The transaction is subject to regulatory approvals by the Australian
Competition and Consumer Commission and the Foreign Investment Review
Board. CHH has lodged an application with both bodies seeking approval
for the transaction.
Weyerhaeuser is also in discussions on a potential simultaneous sale of
its 50 percent interest of the Green Triangle Forest Products
timberlands business to a timber investment fund advised by Global
Forest Partners. These timberlands are comprised of approximately 20,000
hectares (approximately 50,000 acres) of plantation pine forest. Both
this transaction and the potential sale of the manufacturing assets to
CHH are subject to Weyerhaeuser Board of Directors approval.
"The Australian businesses will continue to
focus on meeting customer needs during the sale process and will work
with the potential buyer to ensure a smooth transition,”
said Craig Neeser, Weyerhaeuser senior vice president, International
Group. "It is also important to note that the
employees and contractors working for the Weyerhaeuser Australia Group
have made significant contributions to its success and will be an asset
to any potential buyer.”
Weyerhaeuser Company, one of the world's largest forest products
companies, was incorporated in 1900. In 2007, sales were $16.3 billion.
It has offices or operations in 13 countries, with customers worldwide.
Weyerhaeuser is principally engaged in the growing and harvesting of
timber; the manufacture, distribution and sale of forest products; and
real estate construction, development and related activities. Additional
information about Weyerhaeuser's businesses, products and practices is
available at http://www.weyerhaeuser.com.
Global Forest Partners LP is an SEC-registered investment adviser,
specializing in the structuring and management of sustainable forestry
investments. Founded in 1982, the firm is recognized as a leader in
forestry investing and for its unique global perspective and experience.
GFP, which is headquartered in West Lebanon, New Hampshire, currently
manages a USD 2.0 billion portfolio of closed-end commingled timberfunds
and separate accounts on behalf of institutional clients and other
qualified investors. Additional information about GFP can be found at www.gfplp.com.
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