Carter Holt Harvey is to expand its MDF capacity by more than 50% by buying Chinese panels manufacturer Plantation Timber Products (PTP) for US$134m.
The company said the acquisition was part of plans to grow its wood products business in Australia, New Zealand and Asia.
PTP, which employs 1,700 people, makes MDF and flooring products from plantation timber, servicing the growing Chinese furniture, panels and flooring markets. It has two primary factories at Leshan and Shishou in central China with a combined capacity of 350,000m3.
