Mr Butterworth said this new deal set a platform for growth for Verda products into numerous export markets.
"Verda has invested heavily in product and new market development in recent years despite the significant impact on the wood processing and construction sectors resulting from the Global Financial Crisis.
"The investment in the new products and markets is now flowing through by way of exponential sales growth, brand equity and recognition and support from high-end architects and designers in several global markets."
Mr Butterworth said the formation of VIL signalled a turning point for New Zealand's wood processing sector.
"Low demand for sawn-timber products, the rising value of the Kiwi dollar and escalating prices for exported logs into China has made business very challenging.
"This deal is an example of how wood processing can succeed and thrive if you focus on developing your products, refining your processes and meeting your customer's needs."
He said VIL had received strong support from Kiwibank and New Zealand Trade and Enterprise.
New Zealand Trade and Enterprise customer manager Stephen Blair said Verda's success was due to the hard work the company had put into building an international brand, understanding its market and staying focused.
Mr Blair said Verda had been persistent in tough economic times and had been focused by not tackling too many markets at once.
"If we want to get away from just exporting logs, we need more companies like Verda to create high-value products," he said.
