MYRTLEFORD’S Carter Holt Harvey timber mill is up for sale as part of billionaire Graeme Hart’s massive sell-off of his wood products plants.
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The mill employs 250 workers and is the town’s major employer.
Carter Holt Harvey bought the former Australian Forest Industries operation in 1995 but changed operations have seen the workforce vary since a peak of 370 in 2002.
Mr Hart’s New Zealand-based Rank Group bought the company last year for $2.8 billion.
Myrtleford manager Laurie Medlock left recently and the mill is being managed by John Brown and Rodney Dale.
Neither they nor Sydney management were commenting yesterday.
Alpine Mayor Daryl Pearce was unaware of the impending sale when contacted yesterday but he said it was essential the mill should continue.
“It is extremely important for the shire, especially with the crisis we’ve had in the tobacco industry, and it’s a huge employer at Myrtleford,’’ he said.
“We’d hope the new owner would recognise its importance.’’
Myrtleford is one of six Carter Holt Harvey sawmills and wood plants in Australia and 12 in New Zealand.
The sale is being managed by First NZ Capital and Credit Suisse First Boston.
Analysts say the price could approach $2 billion for the mills.
Mr Hart’s fortune is conservatively estimated at $2.75 billion.
He has sold Carter Holt’s forests to the US timber management organisation Hancock Timber Resource Group for about $1.6 billion.
Other properties including the company’s Auckland base have been sold to Australia’s Valad Property Group for more than $300 million.
Mr Hart has also spent $4.5 billion buying Swiss company SIG, Blue Ridge Paper Products of the US and packaging assets from US firm, and ex-Carter Holt parent International Paper.
This has transformed Rank Group into the world’s second-biggest drinks packager, behind Switzerland’s Tetra Laval Group, with about a 15 per cent market share.
