Oji plans Kawerau mill initiatives
21 January 2015
OJI Oceania, the Japanese company that has bought Carter Holt Harvey Pulp and Paper, including the Tasman pulp mill at Kawerau, wants to expand its international operations.
Oji paid $1.037 billion for Carter Holt Harvey, sold by New Zealand’s richest person, Graeme Hart.
The sale includes the Kinleith mill near Tokoroa and the Penrose paper mill in Auckland.
In its decision approving the sale, the Overseas Investment Office (OIO) said Oji planned to improve the pulp and paper business with a range of efficiency and productivity initiatives, and was seeking to significantly expand its international operations.
The OIO said Oji considered the Carter Holt Harvey pulp, paper and packaging business a suitable long-term investment compatible with its operations, including those in New Zealand.
Oji owns the forests, pulp and lumber mills of Pan Pac Forest Products of Hawke’s Bay.
In buying Carter Holt Harvey pulp and paper assets, Oji also acquired a freehold interest in 2570 hectares on land at Kinleith, a freehold interest in 460ha of Bay of Plenty forestry blocks, a freehold interest in 350ha on land at the Tasman mill and a leasehold interest in 21ha at the Tasman mill.
Carter Holt Harvey announced the sale to Oji in April last year but said it would not be complete until the second half of the year.
Source: Whakatane Beacon