Paynter branches out in Aust.

Press, 10 February 1988, Page 43

Paynter branches out in Aust.

Paynter Corporation, the Christchurch-based property development, construction, and timber group, has bought the wholesale division of Harcros Timber Australia Pty. The chairman of Paynter Corporation, Mr Richmond Paynter, said Harcros Timber worked in the importing and wholesaling of timber and timber products, similar to the activities of Paynter Timber. The company was budgeting for a turnover of more than sAust4o million this year. To date, 80 per cent of Harcros’ wholesale divi-

sion’s timber had been imported to sell to retail outlets, furniture manufacturers, and industrial users. Paynter Timber planned to continue these activities and would also introduce into Australia its range of processed timber products, made and marketed in New Zealand in the Paynter Profiles tradename. The Christchurch company last year bought J. Scott and Company, the Dunedin-based timber importer. Paynter also took a 49 per cent shareholding in Condux Corporation, a Sydney-

based property developer. Harcros Timber has interests in New South Wales, Queensland, and Victoria, and the wholesale division was bought from Harrison and Crosfield (Australia) Pty for cash. The wholesale division will become a wholly owned subsidiary of Paynter International Pty, the Australian arm of Paynter Corporation. The sale is effective on February 29. Paynter International’s expected turnover will be more than SAustlOOM this financial year, Mr Paynter said.