New Forests launched Forico Pty Limited, an integrated timber plantation, forest management and timber export business based in Launceston, Tasmania. Source: Lesprom
Forico will be led by CEO Bryan Hayes, who brings a wealth of experience in hardwood plantation management and in the hardwood woodchip export markets, the company said in the press release.
Forico has been established to manage the 175,000 hectare freehold forestry estate as well as affiliated operations.
Forico’s plantation estate includes 100,000 hectares of sustainable timber plantation, primarily Eucalyptus nitens located across Tasmania, and also includes a nursery, two woodchip mills and a wood fibre technology laboratory.
Forico will initially have 35 staff and will manage an integrated operation from nursery production of seedlings to plantation establishment and management and ultimately to woodchip production and sales.
“Forico will be a leading Tasmanian business in plantation forestry,” said David Brand, CEO of New Forests.
“We see the opportunity for the Tasmanian plantation forestry sector to be a sustainable, internationally competitive industry, and we will invest in the business to increase productivity and efficiency and to support innovation.”
New Forests now manages more than $2.5 billion in institutional capital invested across more than 500,000 hectares of forests, rural land, and conservation investments.
The company’s investments comprise the largest Australian timberland investment portfolio as well as the Timberlink Australia processing business and timberland and conservation investments in Southeast Asia and the United States.