The board of N.Z. Future Forest Products Ltd (“NZFFP”) announced yesterday (29 July) that it has entered into a sale and purchase agreement to acquire 100% of Claymark Group Holdings Ltd (“Claymark”) from its controlling shareholder.
Claymark is a global leader in manufacturing high quality New Zealand radiata pine wood products. It has approximately 600 employees, operates six manufacturing sites in New Zealand and generates revenue of approximately NZ$185 million.
The transaction includes all of Claymark’s operations in New Zealand and the United States. It remains subject to certain conditions being satisfied prior to completion, which is expected to occur by 30th September 2019. Mark Clayton, who has led Claymark for 30 years, will be appointed as a non-executive director of NZFFP for 3 years as part of the transaction.
NZFFP managing director, David Henry, says: “We are very pleased to announce this acquisition. Claymark is rightly considered to be one of New Zealand’s most successful wood exporters, with value-added products provided to international markets and well-established brand recognition amongst its customers for its precision approach to manufacturing. These characteristics are essential to NZFFP’s corporate ethos”.
“The board of NZFFP welcomes Mark’s expertise as a non-executive director as we undertake significant investment to increase efficiencies and production at Claymark to ensure that we satisfy increasing global demand for its products. NZFFP is committed to retaining the Claymark brand, maintaining its reputation for quality products and expanding its international export presence.”
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