Graeme Hart’s pulp and paper mill in the Eastern Bay of Plenty is now in the hands of a Japanese company.
Oji Holding purchased the Hart-owned Carter Holt Harvey in April 2014 for $1.037 billion.
The pulp and paper mill sold for just over a $1 billion.
The purchase also included 2570 hectares of land at the Kinleith Mill, near Tokoroa, 460 hectares of forestry in the Bay of Plenty and 350 hectares of land at the Tasman Mill in Kawerau.
The mill is one of three in the town – the other two being Kinleith pulp and paper mill and Penrose paper mill.
The sale of the mill is being welcomed by New Zealand’s biggest private sector union.
Kawerau’s plant dates back to the 1950’s but is now being sold because they no longer fit into former owner Graeme Hart’s investment strategy.
Oji plans to retain production and workers on existing pay and conditions.
Oji already owns forests and a pulp mill in Hawke’s Bay through Pan Pac Forest products.