8 May 2008
HYNE, Australia’s largest privately-owned timber company, has announced it is conducting a review of its strategic growth options to ensure it retains its industry leadership position and is well placed to participate in future growth opportunities.
Managing director John McNamara said further consolidation was expected to occur in the timber industry and Hyne, with its market leading position and quality portfolio of assets, was determined to play a key role.
McNamara’s comments follow a report in the Australian business media this week that Hyne had appointed Goldman Sachs JBWere to broker a possible trade sale or share float worth up to A$750 million.
“The review will determine the best route for retaining our industry leadership position and to continue growing strongly in the future for the benefit of our employees, our shareholders and the communities in which we operate,” McNamara said.
“Importantly, it is business as usual for Hyne staff, customers and suppliers as we evaluate the options for growing our company.
“The positive relations we enjoy with our employees and the role we play in the communities we work within will be central to the board’s considerations throughout this process.”
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