Decision Summary - New Zealand Sustainable Forest Products
| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 May 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of:
|
| Consideration | $1,434,375 |
| Applicant | New Zealand Sustainable Forest Products United States of America (100.0%) |
| Vendor | Robert Hunt and Valerie Rosalind Hunt New Zealand (100.0%) Coastpine Limited New Zealand (100.0%) |
| Background | The Applicant is intending to saw, dry and manufacture sustainably logged New Zealand timbers. PCS VacDry Kilns Unlimited (PCS), a sister company of the Applicant, has patented a method to dry previously hard-to-dry hardwoods. The Applicant will use this new technology to create a world first drying facility specialising in red beech. This facility will be based in a disused sawmill situated on the land. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:
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| More information | Elena Chang Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 Andrew Petersen Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |
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