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Future Forest Products issues statement on Claymark Receivership

Contributor:
Fuseworks Media
Fuseworks Media

N.Z. Future Forest Products Ltd (NZFFP) is disappointed to see Claymark Group Holdings Ltd, which employs 600 people across six manufacturing sites in the Upper North Island, go into receivership.

As previously announced, NZFFP has a signed Sale and Purchase Agreement to acquire Claymark. Since the agreement was signed, Claymark’s financial distress has worsened. NZFFP has engaged with Claymark, its vendor and various stakeholders over the past few months to find a solution to its current state of financial distress to allow the transaction to proceed.

"We will continue to work with the Claymark receiver to find a solution to ensure the continuation of New Zealand’s largest premium wood exporter and keep its 600 employees in work, in line with our plans to consolidate several wood processing companies and create a platform for a higher-value export industry," NZFFP Managing Director David Henry said today.

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