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Integrated Australian forestry and timber processing company , Associated Kiln Driers ( AKD ) has recently signed an agreement with Carter Holt Harvey ( CHH ) to acquire all of the shares of Carter Holt Harvey Timber Pty Ltd ( CHHT ). CHHT owns CHH ’ s New South Wales sawmilling business .
The major assets of the business comprise the Tumut sawmill and Gilmore treatment facility in Tumut , a 50 % interest in the Highland Pine Products ( HPP ) joint venture in Oberon and a
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distribution centre in Berkeley Vale .
The Tumut sawmill processes approximately 565,000 m 3 of sawlogs and produces a range of predominantly structural products primarily for supply in NSW . The Gilmore treatment facility is a value adding site located in close proximity to the Tumut sawmill . HPP processes approximately 600,000 m 3 of sawlog , producing a range of timber products .
AKD currently processes over 1,000,000 m3 of sawlog across its Colac , Caboolture and Yarram
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sawmills and has over 600 employees . Commenting on the proposed acquisition , AKD ’ s Chief Executive Officer , Shane Vicary said , “ the acquisition represents an excellent fit with AKD ’ s existing operations in Victoria and Queensland and is consistent with AKD ’ s strategy of operating high quality , well-located sawmills ”.
“ We are very enthusiastic about the acquisition and look forward to working with the existing CHHT employees and providing all AKD employees with enhanced
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AKD ’ s Chief Executive Officer , Shane Vicary
opportunities across the wider AKD group as a result of this transaction ”. Completion of the transaction is expected to occur in the fourth quarter of 2018 .
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West Fraser Timber Co . Ltd . reports 2Q 2018 sales of $ 1,834 million , compared to $ 1,322 million in the 2Q 2017 . Adjusted EBITDA was $ 593 million , compared to $ 305 in the 2Q 2017 .
Lumber segment generated operating earnings of $ 358 million and Adjusted EBITDA of $ 467
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Sawmills |
million . Improved product pricing and increased shipments of 416 million board feet were largely responsible for the improved results . Countervailing and antidumping duties charged in the quarter were $ 81 million , of which $ 68 million was recorded as export duties expense in the earnings |
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statement and $ 13 was recorded as a long-term duty receivable on the balance sheet .
Panels segment generated operating earnings in the 2Q 2018 $ 52 million and Adjusted EBITDA of $ 56 million . Improved plywood pricing and higher shipments boosted results .
Pulp & paper segment generated operating earnings of $ 56 million and Adjusted EBITDA of $ 68 million . Higher pulp prices were offset by lost production
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from a planned maintenance shutdown at Cariboo NBSK mill , transportation related production curtailments at Quesnel BCTMP mill , and a series of operational challenges at Hinton NBSK mill . |