A financial commentator says the sale of Carter Holt Harvey's pulp, paper and packaging business is a reflection of New Zealand's changing forestry industry.
The mills Kinleith, Tasman and Penrose are being sold to a Japanese joint venture.
Oji Holdings and investment fund Innovation Network Corporation of Japan will take over the Kinleith, Tasman and Penrose mills as well as the group packaging business here and across the Tasman.
Financial journalist Rod Oram says it shows how much the forestry industry is struggling.
"What we've seen over about the past 15 years is that some large chunks of our forestry has gone to overseas investors," he says. "We're seeing downstream processing really struggling in New Zealand."
The deal is expected to be worth more than $1 billion and will be completed by the second half of this year.
RadioLIVE
source: newshub archive
