Billion dollar mill deal sealed

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.


6 Comments

seesee

Posted on 15-01-2015 17:04 | By SeeSee

NZ, now proudly owned by oversea’s companies

MP's

Posted on 15-01-2015 15:04 | By DAD

Please stop selling off our Land , give other countries a lease but dont sell!

Know your history

Posted on 15-01-2015 13:55 | By TRGNick

Pure ignorance big ted. No different being owned by Oji than when CHH was owned by International Paper from early 1990’s through to 2005. Being owned by Oji, the 4th largest pulp & paper company in the world is likely to see more investment and more jobs than being owned by a corporate investment company

Wisechief

Posted on 15-01-2015 10:30 | By Wise Chief

We of Te Arawa/Rangithi have been shafted again and again gov and subsequent owners prior to and after 1952 deal which my grandmother from Matata signed unto this day.She as direct senior line from Tamatekapua was one of original owners of all these lands, what was mostly virgin native forest which were to fund the mill cut down and sold off to overseas interests of which money was used for mill with zero of such earnings ever coming back to owners but rather a puny number of shares in useless trust which is run by incompetent self interested parties from Ngati Awa.This idiot bunch have been rolling over the funding in low interest bearing uber conservative investments of four decades with few if any real earnings over the paeriod of time. The majority of the original owners all long dead so they can basically do as they like.

Big ted

Posted on 15-01-2015 10:13 | By YOGI BEAR

And all New Zealanders actually as anything good to have is sold and gone.

Another One

Posted on 15-01-2015 08:21 | By

The phrase "Proudly New Zealand Owned" is now redundant. The great sell - off of New Zealand is really under way now. All of this is being done by stealth and there will be losers, mainly the workers.

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