Silva signs up PruTimber

By PAM GRAHAM

The North Americans buying most of Fletcher Challenge's forests are joining the attempt to co-ordinate New Zealand's log exports.

Silva Forest Products, the log and wood chip export venture set up last year by Carter Holt Harvey and Central North Island Forest Partnership receiver Ferrier Hodgson, has signed up PruTimber New Zealand.

PruTimber will manage 65,000ha of cutting rights to former Fletcher Challenge forests on behalf of the Ontario Teachers' Pension Plan and Viking Global Investments, a subsidiary of a fund managed by Boston-based Prudential Timber Investments.

Silva is an attempt to stop "New Zealand competing with New Zealand" in log export markets.