Craigpine Timber Ltd. Sold to Niagara Sawmilling Company Ltd.

Craigpine Timber Ltd., a 98-year old, major Southland New Zealand sawmilling company, owned by the Black family, has agreed to sell their business to Niagara Sawmilling Company Ltd., another local timber processing company. The transaction is scheduled to close on December 18^th, 2020. In a prepared statement Craigpine chair Paul Kiesanowski said, “. . . many companies around the country have consolidated their operations. The competition for log supply has intensified with significant increases in log exports, and world prices for sawn timber impacted by harvesting of windblown and insect damaged trees in the Northern Hemisphere. On top of that, the additional disruption caused by Covid-19 has led to the decision by the shareholders to look to sell the business. This is not a decision the owners have taken lightly.”