Willmott agribusiness joint venture with Dongwha
Agribusiness manager Willmott Forests is to develop a new softwood processing plant in NSW as part of a joint venture with Korean timber processor Dongwha Group.
The new plant will be built at Bombala in New South Wales and will process softwood from Willmott plantations in the area, including the forestry managed investment schemes it manages.
The new plant would also process timber from the Monaro region, which Willmott won in a Forest NSW tender.
Willmott chief executive officer Marcus Derham said the Monaro forests would secure the supply of timber for the new plant.
“The project provides a long term, whole-of-tree solution for the entire Bombala softwood plantation estate, with a focus on local processing, value adding and residue utilisation,” he said.
“Willmott shareholders will benefit from the long-term sustainable profits that the project will generate.”
The new processing facility will cost $60 million to build and construction is expected to start in the second half of this year.
Willmott manages about 35,000 hectares of commercial plantations in New South Wales and Victoria, including a number of managed investment scheme plantations.
AUTHOR
Mike Taylor
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
