Successful Completion of CHHPP Sale to Oji Holdings Corporation & Innovation Network Corporation of Japan
3 December 2014
Management, Oji Holdings Corporation (Oji) and Innovation Network Corporation of Japan (INCJ), are pleased to announce that the transaction to acquire the pulp, paper and packaging businesses of Carter Holt Harvey Limited has completed.
The businesses transferred are Kinleith Mill, Tasman Mill, Penrose Mill, Fullcircle Recycling, Lodestar, Packaging New Zealand, Packaging Australia and Foodservice.
We are very pleased that the two partners in the Consortium bring with them technology, capability and expertise that will be complementary to our business.
Oji is a Japanese incorporated company listed on the Tokyo Stock Exchange. It is one of the leading players in the pulp & paper industry, manufacturing a broad range of paper products, packaging materials and other forestry industry products. In recent years Oji has targeted emerging markets to expand its businesses outside of Japan, particularly in pulp and industrial paper and packaging. It is exciting to join a business that is growing and we look forward to playing our part in Oji’s global strategy.
INCJ is sponsored by both the Japanese government and private enterprises. It aims to promote innovation and to enhance the value of Japanese businesses. INCJ expects this transaction, with its joint management structure, to act as an example of a competitive business model and intends for this transaction to encourage other Japanese companies to seek global business opportunities and invest overseas.
The two partners in the Consortium have expressed the view that this acquisition is a strategic long-term investment, and that they are committed to the business. They also recognise the importance and strength of all of our current relationships and intend to commit them, including those with our employees, unions, customers, suppliers, local, regional and central governments.
Source: Carter Holt Harvey – Pulp, Paper and Packaging