Rayonier finalises Gore plant sale

US-based forester Rayonier says it has closed on the sale of its medium density fibreboard (MDF) plant, near Gore, to Korea's Dongwha Holdings.

The US$40 million ($58.73 million) deal was announced last month.

Rayonier is switching its New Zealand focus to forest management.

Earlier this week the Overseas Investment Commission approved a joint purchase by Rayonier and RREEF Infrastructure, the global infrastructure arm of Deutsche Asset Management, of a third of Carter Holt Harvey's forestry assets for $435 million.

The deal will see Rayonier, one of the world's leading forest products companies, become the third largest forest owner/manager in the country.

Dongwha is the largest panel producer in Korea and has been listed on the Korean stock exchange since 1995.

- NZPA