OneFortyOne signs agreement to acquire Jubilee Highway Sawmill

OneFortyOne Plantations (OFO) announced it has signed a Sale Agreement with Carter Holt Harvey (CHH) for the purchase of the Jubilee Highway sawmill in Mount Gambier, and the Woodchip operations at Portland.

OFO had previously announced its intention to acquire these operations from CHH on 29 August 2017.

While the acquisition remains subject to approval by the Australian Competition and Consumer Commission (ACCC), the signing marks the next stage of the sale process.

OFO Chief Executive Officer, Linda Sewell commented, “The acquisition will provide further security for our sector and the workforce as there will be no job losses from the change in ownership.

We’re proud of the role that we have in our vibrant regional industry and are committed to retaining a diverse and enduring customer base and to meeting our obligations to the State for an average age of clearfall of 32 years or greater,” Ms Sewell said.

Since assuming custodianship of the forests five years ago, OFO has expanded supply to all major local mills and increased supply to domestic customers by more than 45%.

OFO has no plans to expand the mill going forward.