Odlins proposes fibreboard plant near Nelson

Press, 7 August 1982, Page 18

Odlins proposes fibreboard plant near Nelson

PA Wellington Odlins. Ltd. the Welling-ton-based timber and hardware group, is involved in the promotion of a proposal to manufacture medium density fibreboard at Richmond, near Nelson. In the annual report, the managing director. Mr D. C. Hill, said that last December Odlins acquired from N.Z. Forest Products. Ltd, its 25 per cent shareholding in Nelson Pine Forest Holdings. .Ltd, and now hold 50 per cent of the shares. TNL Group. Ltd, and the Owens Group (shares not listed) hold 25 per cent each. Nelson Pine Forest has site approval for the fibreboard plant and is ready to proceed as soon as availability of the total volume of wood required is confirmed. At the time of rewriting the report. Mr Hill said: “We are awaiting the advertising (by the New Zealand Forest Service) of a sale of pulplogs

which would satisfy our requirement." Only a relatively small volume of logs is needed. The fibreboard will be sold on both the local and export markets. In the latest year Nelson Pine Forest exported wood chips from Port Nelson valued at $7 million. South Pine (Nelson). Ltd, owned 50 per cent by Odlins and Baigents, exported sawn timber and wood chips worth more than $4 million. Mr Hill said the company now also owns 20 per cent of the shares in Aorangi Forest Industries, Ltd. which operates a large plywood factory at Gladstone, on the West Coast. As already reported, in the year ended March 31. Odlins increased its group net profit by 44 per cent to $8,237,378 after a sales increase of 24 per cent to $181,400,702. Shareholders’ funds totalled $55,550,696 ($50,251,812).