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Focus on the future

DATE 16/09/2011

Forestry Tasmania says the resolution of the commercial dispute with Gunns over wood supply contracts will enable both companies to focus on the future.

Managing Director Bob Gordon said Forestry Tasmania's board decided it was in FT's best interests to accept the $11.5M payment for wood supply agreements 917 and 918.

"The alternative was to pursue the recovery of the full amount through the courts and that would have been a significant ongoing distraction.

"The board also understands the settlement will also clear the way for the implementation of the Tasmanian Forests Intergovernmental Agreement and enable Forestry Tasmania's managers and staff to concentrate on delivering its Innovation Plan.

"The plan will lead to a revitalisation of timber processing and the creation of new employment based on the sustainable management of State forests."

FT does not intend to make any further comment on this matter at this time.
  

ENDS

14 Sept 2011