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 Corp to sell Gaoyao Plant Equipment for US$30 million
TSX listed Sino-Forest Corporation (TRE) announced that its subsidiary, Guangdong Jiayao Woods Products Development Co Ltd had entered into an agreement to sell its particleboard manufacturing equipment and plant in Gaoyao, Guangdong Province for approximately US$30 million. The $30 million payment will be settled in instalments over a six month period. Sino-Forest Corp will retain ownership over the building and property, but stated that it was expecting to lease the premises to the acquirer.
Sino-Forest Chairman and CEO Allen Chan said, "The sale of the equipment will allow us to better focus on our manufacturing strategy of developing a portfolio of smaller-scale processing facilities that is closely integrated with our plantation operations. This strategy helps maximize the use and value of our wood fibre, and increase employment in rural areas - an important government objective. In addition, we will continue to develop our Sino-Maple brand of wood products, which utilize fibre from our own plantation resources."
Sino-Forest Corporation is a commercial forest plantation operator in China.
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 - Sino-Forest acquires engineered wood production and research business in China
2010-01-12
