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Elders announcement regarding sale of ITC's Timber processing division
Elders Limited (Elders) today announced that it had entered into a binding purchase and sale agreement with Gunns Limited for the sale of ITC Timber Pty Ltd, an entity which holds ITC Limited's (ITC) hardwood timber processing operations in Victoria and Tasmania as well as its 50% stake in Smartfibre Pty Ltd.
The sale forms part of Elders' broader recapitalisation and deleveraging initiatives which will provide Elders' (and consequently ITC) with a strong and sustainable balance sheet with which it can pursue its strategy to be Australia's leading rural services company.
ITC's Forestry and Funds Management divisions remain unaffected with a continued focus on growth.
ITC Forestry is recognised as a leader in environmentally certified forestry with more than 170,000 hectares of diversified forests under management across Australia.
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