OREANDA-NEWS. January 06, 2016. Sumitomo Forestry has entered into an agreement for sale and purchase of assets with Tasman Bay Forests Company (“TB”) in New Zealand, as the company said in the press release received by Lesprom Network.

The timberlands to be purchased are radiata pine plantation of approximately 30,000 hectares, located in Nelson, New Zealand. With this purchase, the area of timberlands owned by Sumitomo Forestry in this region will become about 35,000 hectares.

The transaction scheduled to complete in June 2016.

Sumitomo Forestry Co., Ltd. is a company mainly engaged in forestry business. Timber and Building Material segment purchases, manufactures, processes and sells lumber products and building materials. Housing segment constructs, sells, maintains and renovates detached houses, apartment and condominiums, operates exterior.