Nufarm sells timber treatment business

The business has been sold to the US-based company Osmose which currently operates small operations in both countries but is the leading manufacturer and supplier of timber treatment products world wide.

Nufarm says the sale includes the real estate, fixed assets, stock and goodwill associated with the Fernz Timber Protection business in New Zealand and Australia, and the transfer of shares on a deferred settlement basis in two joint ventures in Malaysia.

All Fernz Timber Protection employees will transfer to Osmose with the sale. The business has been operated by Nufarm since 1996 and includes manufacturing facilities in Mt Gambier, Auckland and Christchurch.

Nufarm's MD, Doug Rathbone, says the sale is consistent with the company's objective of focussing on those parts of the business which are able to be grown on a global basis.

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