ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Business

Sumitomo carving out larger New Zealand timber supply

Trading house expanding forest holdings as demand grows in China, around Asia

Sumitomo Corp. owns 29,000 hectares of forest on New Zealand's North Island.

TOKYO -- Sumitomo Corp. seeks a 60% increase in its New Zealand lumber capacity by the year ending in March 2020, as the Japanese trading house anticipates growing demand in China and other parts of Asia.

Sumitomo subsidiary Summit Forests New Zealand owns forests on the country's North Island totaling some 29,000 hectares, as of the end of March. The unit plans to spend around 7 billion yen ($64.1 million) to expand its holdings to 36,000 hectares. Summit inked an agreement with landowners to acquire some 4,000 forested hectares on the North Island by September.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more