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 ...
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