Sino-Forest Corporation
Sino-Forest Corporation is a leading commercial forest plantation operator in China. Its principal businesses include the ownership and management of forest plantation trees, the sale of standing timber and wood logs, and the complementary manufacturing of downstream engineered-wood products.
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Sino-Forest acquires engineered wood production and research business in China
Sino-Forest Corporation (“Sino-Forest”)(TSX: TRE), the forest plantation operator focused on China, announced that it would acquire Homx Limited, a research & development (R&D) and engineered wood manufacturer for US$7.1 million. Sino-Forest is financing the acquisition from available cash.
Homix owns two engineered wood production facilities in
Guangzhou and Jiangsu Provinces which supply the southern and eastern
wood markets. The company has also developed a number of new
technologies, which Sino-Forest says have patent rights, and are
suitable for domestic plantation logs, including eucalyptus and poplar
trees.
“HOMIX specializes in curing, drying and dyeing methods for
engineered wood and has the know-how to produce recomposed wood
products and laminated veneer lumber,” Sino-Forest reported.”…there is
growing demand for recomposed wood technology as it reduces cost for
raw material while increases the utilization and sustainable use of
plantation fibre for the production of furniture and interior/exterior
building materials.”
Sino-Forest also noted that China’s government is keen modernize
the wood industry to improve quality and maximise wood fibre usage.
"As we continue to ramp up our replanting programme with
improved eucalyptus species, it is important for Sino-Forest to
continue investing in the research and development that maximizes all
aspects of the forest product supply chain,” Allen Chan, Sino-Forest's
Chairman & CEO, said, “Modernization and improved productivity of
the wood processing industry in China is also necessary given the
country's chronic wood fibre deficit. Increased use of technology
improves operation efficiency, and maximizes and broadens the use of
domestic plantation wood, which reduces the need for logging domestic
natural forests and for importing logs from strained tropical forests.”
Other Sino-Forest Corporation news
- Sino-Forest shares surge 40% after US-based fund takes 11.5% stake
2011-07-04 - Sino-Forest responds to Globe and Mail article, calling it "incorrect"
2011-06-20 - Sino-Forest grows fourth quarter profit by 52%
2011-03-16 - Sino-Forest ups holding in Omnicorp to majority stake
2010-06-23 - Toronto listed China forestry play set to benefit from Jiangxi deals
2009-06-19
