Wrightson discusses selling forestry business

Rural services firm Wrightson Ltd today said it was in discussions to sell its forestry services business to PF Olsen and Company Ltd.

Olsen is the largest independent provider of forestry management and consulting in the country.

Chief executive Barry Brook said the proposed sale was another step towards refining Wrightson's business portfolio.

"Forestry is no longer considered a core business for Wrightson, and we believe there are better opportunities for this operation and its staff with an owner that is focused on further developing the business," he said in a statement.

The proposed sale would not have a material impact on Wrightson's balance sheet or earnings," Mr Brook said.

Olsen's chief executive, Peter Clark, said the Wrightson Forestry unit would strengthen its management business.

It would also give it a comprehensive nationwide network of offices and experienced staff.

Wrightson shares closed at $1.53 each yesterday, having traded between $1.33 and $2.20 in the past year.

- NZPA