Itochu : Acquisition of Membership Interests of Alta Forest Products LLC
January 14, 2018 at 09:14 pm EST
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ITOCHU Corporation (ITOCHU) (TSE:8001; Head Office: Minato-ku, Tokyo; President and Chief Executive Officer: Masahiro Okafuji) and ITOCHU International Inc. (III) (Head Office: New York, NY; President and Chief Executive Officer: Tomofumi Yoshida) have reached an agreement with E.R. Probyn Ltd. (Probyn), a Canadian Corporation and Welco Lumber Company (Welco), a US Corporation to acquire all of the issued and outstanding membership interests of Alta Forest Products LLC (Alta) from Probyn and Welco.
Alta is the largest wood fence board manufacturer in North America, producing 360 million board feet annually in its four (4) manufacturing plants located in the Pacific Northwest of the United States.
Alta has established a leading position in the market for Western Red Cedar fence boards, a premium product, through outstanding production efficiency driven by its specialized manufacturing process.
ITOCHU Group has long been a leader in the North American fence distribution industry through III's ownership of MASTER-HALCO Inc. (MASTER-HALCO) (Head Office: Dallas, TX; President and Chief Executive Officer: Kotaro Yamamoto), which operates five (5) chain link fence manufacturing plants and 53 distribution centers in North America.
Through this acquisition, ITOCHU aims to strengthen its fencing business in North America further, capitalizing on the expected synergies between Alta's leading wood fencing supply position and MASTER-HALCO's leading sales and distribution network.
Alta Profile
Name
Alta Forest Products LLC
URL
https://www.altafp.com/
Head Office
810 NW Alta Way Chehalis, WA 98532
Title and Name of Representative
Mike Pedersen (President and Chief Executive Officer)
Foundation
2014
Plant Locations
4 Manufacturing Plants (3 in Washington and 1 in Idaho, USA)
Revenue
US$220million (FYE2017)
Number of Employees
450(as of November 2017)
MASTER-HALCO Profile
Name
MASTER-HALCO, Inc.
URL
https://www.masterhalco.com/
Head Office
3010 LBJ FREEWAY SUITE 800, DALLAS, TEXAS 75234
Title and Name of Representative
Kotaro Yamamoto (President and Chief Executive Officer)
Foundation
1961
Plant Locations
3 Plants (USA) / 2 Plants (Canada)
Branch Location
48 Branches (USA) / 5 Branches (Canada)
Revenue
US$427million(FYE2017)
Number of Employees
634(as of November 2017)
Western Red Cedar Fence
Overview of the Morton Plant
Itochu Corporation published this content on 15 January 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 January 2018 02:14:07 UTC.
Original documenthttp://www.itochu.co.jp/en/news/press/2018/180115.html
Public permalinkhttp://www.publicnow.com/view/712F2B97FBD7E6161D61F05FE2831B62A9CAB200
Itochu Corporation is a diversified group organized around 8 areas of activity:
- distribution of food products (34.9% of net sales): frozen food, vegetable oil, sweeteners, sugars, etc.;
- distribution of hydrocarbons (23.3%): hydrocarbons (natural gas, oil products, bioethanol, etc.). The group also develops manufacturing of chemical products activity;
- manufacturing and sale of industrial and construction machines, vehicles and ships (9.7%);
- production of metals and coal (8.5%);
- sale of consumer products (8.4%). The group also develops forest products sale and real estate development activities;
- distribution of computing and telecommunication equipments (7%): data transmission, Internet access, media content broadcasting and mobile telephony equipments. The group also offers financial services;
- sale of textile products (3.6%);
- other (4.6%).
Net sales are distributed geographically as follows: Japan (79.5%), Singapore (5.4%), the United States (4.5%), Australia (3.1%), China (2.8%) and other (4.7%).