Sumitomo Forestry Co., Ltd. has completed the purchase of approximately 30,000 hectares of timberlands and related assets in Nelson, New Zealand, as the company said in the press release received by Lesprom Network.
These timberlands and related assets have been purchased by Tasman Pine Forests Ltd., a wholly owned subsidiary of Sumitomo Forestry NZ Ltd., which is, itself, a wholly-owned subsidiary of Sumitomo Forestry Co., Ltd.
With this purchase, the area of timberlands and related assets owned by Sumitomo Forestry Group in this region will become about 35,000 hectares, leading to increased efficiency in its forestry operations.
The purchased timberlands and related assets comprise plantation forests of radiata pine located in Nelson, New Zealand.
The Sumitomo Forestry Group engages upstream in plantation and forestry operations, midstream in distribution and manufacturing operations, and downstream in housing related operations overseas in the same way as in Japan. The Group has established a vertically oriented business centered on wood, and is in the process of expanding horizontally and linking various locations around the world.
Source : lesprom.com