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Sale of FEA Bell Bay Sawmill


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18 October 2010: This morning’s announcement of the sale of Forest Enterprises Australia’s Bell Bay Sawmill to Gunns Timber Products is a great result for employees and the local community, according to the Receivers and Managers, Sal Algeri and Tim Norman of Deloitte.

An agreement to sell the mill to Gunns, conditional on ACCC approval, was announced this morning with settlement expected on 29 November 2010.

The purchaser has agreed to take on all 89 staff at the mill following settlement.

After a thorough sale process managed by Deloitte Corporate Finance, the Receivers and Managers, Sal Algeri and Tim Norman of Deloitte, were delighted with the outcome as it ensured the ongoing employment of mill workers and this will have a positive impact on the local community.

“Following a competitive sale process, which attracted strong interest from both local and international saw millers, this is a great outcome” Sal Algeri said.

“Through the ongoing trading of the mill since April 2010, the mill’s value has been maximised keeping its employees in jobs and supporting the many Northern Tasmanian businesses who supply goods and services to the mill.”

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Contacts

Name:
Petros Kosmopoulos
Company:
Deloitte Australia
Job Title:
Corporate Affairs & Communications
Phone:
Tel: +61 3 9671 6093, Mobile: +61 4 0700 0926
Email
pkosmopoulos@deloitte.com.au

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