Sale of regional asset brings job security to hundreds
Leading law firm, MinterEllisonRuddWatts, is delighted to have advised longstanding client SIG Combibloc on the sale of Whakatane Mill Limited to a consortium of investors led by European investor Dr Dermot Smurfit. Deloitte also advised SIG Combibloc on the transaction.
The sale followed earlier announcements about the potential closure of the mill, which threated hundreds of jobs in the Whakatane region.
Upon reaching agreement, MinterEllisonRuddWatts Corporate Partner Mark Forman said: “This is a great outcome for the Whakatane Mill, its employees and the greater Bay of Plenty region. SIG is delighted with the result. The agreed acquisition not only secures the future of the mill but supports further investment into the country’s wood processing industry.”
The Whakatane Mill, the region’s largest private employer, produces paper and packaging products, mostly for export. Under new management the mill will cease production of liquid packaging board, and focus on high-quality folding box board, carrier board and food service board, all of which are currently manufactured at the mill.