Tenon buys 100pc of American logistics company

Wood products company Tenon has moved to full ownership of US distribution business Empire Co.

The company, formerly Fletcher Forests, said it paid around US$30 million ($43.64 million) to bump its stake from 67 per cent to 100 per cent.

"We are very happy with the move to full ownership of Empire, as it is in line with our strategy of further growing our distribution business in North America," Tenon's chief executive designate Mark Eglinton said.

Tenon, which generates much of its business in the United States, is moving its operational head office to Maryland from October.

Shares in Tenon, half-owned by Rubicon Ltd, closed yesterday at $4.35.

- NZPA