Japan’s Sumitomo to buy timberlands in New Zealand to export logs to China
Sumitomo Corporation has acquired timberland in the North Island of New Zealand through its local subsidiary company Summit Forest New Zealand (SFN), 100% subsidiary company of Sumitomo Corporation. It has completed acquisition of 15,000 hectares of timberland from Ernslaw One. Purchase amount is not disclosed but is estimated about 102 billion yen (US$887 million). SFN owns already a total of 37,000 hectares of timberland in New Zealand, so with the new acquisition, the total is 52,000 hectares, which is seventh largest timberland owner in New Zealand. For the newly purchased ...
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