The Japanese SoftBank has saved the US CLT manufacturer Katerra from bankruptcy with a cash injection of US $ 200 million. Now the Japanese investment house is the majority owner of Katerra.
The cross laminated timber (CLT) business in the USA is apparently not easy. As the industry platform Forest Economic Advisors (FEA) reports, citing the Wall Street Journal, the US pioneer for CLT narrowly missed bankruptcy.
It was prevented by an injection of US $ 200 million from the Japanese investment bank SoftBank. In Katerra's own press release, SoftBank's new investment is only praised as a measure of “strengthening financial strength”.
In return for its commitment, the Japanese money house receives a further 5% of the shares in Katerra and thus becomes the majority owner. SoftBank had previously invested more than US $ 2 billion in Katerra.