Oji Completes Carter Holt Harvey Acquisition, to Build Plant in Vietnam

 

Oji Holdings Corp., Japan, this week reported that, following an announcement of intent to purchase in April, it and Innovation Network Corp. of Japan (INCJ) have now completed acquisition the of New Zealand/Australia-based pulp, paper, and packaging businesses Carter Holt Harvey Pulp & Paper (CHHPP) Litd. and certain related companies held by Carter Holt Harvey from Rank Group, effective this past Monday, December 1. For the purpose of the acquisition, INCJ and Oji established Oji Oceania Management Co. (OOM) and Oji Oceania Management (NZ) Ltd. [OOM(NZ)] as a holding company, which will fall under the category of specified subsidiary of Oji. 

 

The final transaction value (including the CHHPP Group’s net debt) is approximately NZ1,037 million.

 

Oji Group also announced this past week that it has set "further expansion of overseas business" as one of the major pillars to strive towards the realization of an innovative value-creating company. It is promoting capturing package demand in Southeast Asia and India. The group's packaging business in this region currently consists of 20 manufacturing sites (including a corrugated container factory in India, which started operation this July), and operation of a new factory in Myanmar, which will start in May of next year. Oji has one corrugated container factory and one folding box factory near Ho Chi Minh City, Vietnam. To meet expected future growth of packaging demand in the region, the company will build a new factory, which will be the fifth overall operating in Vietnam. 

 

In Vietnam, the group runs three corrugated container factories in Dong Nai Province (southern area), Haiphong City (northern area), and Bac Ninh Province (northern area). Oji also acquired United Packaging, a folding corrugated producer, in 2013.