5.30pm
Carter Holt Harvey Ltd says it has held talks with the receivers of the Central North Island Forestry Partnership (CNI) over the creation of an independent log export entity.
The negotiations are part of a move by Carters to take "an active role in leading the forestry industry by seeking to
create a more coordinated approach to export marketing," chief executive Chris Liddell said today.
Carters and CNI would be the founding shareholders, with the intention of inviting other industry participants to join.
"To compete successfully internationally we need to be world class in everything we do -- from the production of high value products through to the export of logs," Mr Liddell said.
Fletcher Forests, which currently manages the CNI assets, has been approached about entering the partnership, Carter chief operating officer Devon McLean said.
"While these are early days, the discussions have the potential of being a major step forward for the industry in New Zealand," Mr McLean said.
Shares in Carter, New Zealand's second largest listed company by market capitalisation, closed today up 4c at $1.69 prior to the announcement.
A $1.3 billion plan by Fletcher Forests to buy the CNI assets fell through in August after Forests' shareholders voted against the proposal.
Forests shares fell a cent to 20c today.
- NZPA
