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Elders has sold ITC's timber processing division (ITC Timber Pty Ltd), an entity which manages ITC's native hardwood timber processing operations in Victoria and Tasmania (excluding the 50% stake in Smartfibre Pty Ltd) to Gunns Limited.
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.
For all enquiries on ITC Timber products, Goodwood or SupaLam please call Gunns Timber on 03 6335 5201 or visit www.gunnstimber.com.au |
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