AAP Information Services
Wednesday, 7th April 1999Forestry Biotechnology Joint Venture Announced
Fletcher
Challenge Forests, International Paper, Monsanto Company and Westvaco Corporation announced today their intent to form a forestry biotechnology
joint venture to produce and market tree seedlings that will improve forest health and productivity for the forestry market worldwide. The four companies
will contribute $60 million (US) in total over five years to the joint venture. The companies also announced their intent to contract with Genesis Research
and Development Corporation Limited, an Auckland, New Zealand, biotechnology research company, to provide genomics research. The joint venture
also will acquire forestry intellectual property from Genesis. The participating companies envision the joint venture as a worldwide magnet for future
developments in forestry biotechnology and believe that as international demand for wood fibre increases, significant business opportunities will result
from additional breakthroughs in forestry science. Each company possesses significant biotechnology capabilities and will share its individual strengths
as an equal partner in the joint venture. The joint venture also plans to actively seek technological advances from independent laboratories, universities
and other companies in order to position itself to market new advances in forestry biotechnology to the world' tree growers in the shortest possible time.
The joint venture will focus on tree species that represent a majority of the seedlings now planted by the forest industry around the world and will initially
direct its efforts toward various eucalyptus and poplar species, Radiata pine, loblolly pine and sweetgum. Targeted genetic improvements include:
Fletcher Challenge Forests
(www.fcl.co.nz), a part of the Fletcher Challenge Group, is a New Zealand based company focusing on developing solid wood products for the
Australasian, North American and Asian markets. The Fletcher Challenge Group employs some 15,000 people worldwide in building, paper, energy and
forestry businesses.
International Paper (www.internationalpaper.com) is a worldwide producer of printing paper, packaging and forest products. The
company also operates specialty businesses in global markets as well as a broadly based distribution network. Headquartered in the United States at
Purchase, NY, the company has operations in 31 countries, employs more than 80,000 people, and exports its products to more than 130 nations.
As a
life sciences company, Monsanto (www.monsanto.com) is committed to finding solutions to the growing global needs for food and health by sharing
common forms of science and technology among agriculture, nutrition and health. The company's 30,000 employees worldwide make and market
high-value agricultural products, pharmaceuticals and food ingredients. Westvaco (www.westvaco.com), headquartered in New York, NY, is a major
producer of paper, envelopes, packaging and specialty chemicals. The company owns 1.5 million acres of timberlands in the United States and Brazil and
has manufacturing facilities in those two countries as well as the Czech Republic. International business accounts for approximately 25 percent of
Westvaco's annual sales and the company has customers in more than 70 countries.
These improvements are expected to enable forest landowners to meet the growing demand for paper and wood products while strengthening their ability
to manage forestlands in a sustainable and eco-efficient manner for the benefit of future generations. Increasing the productivity of tree plantations safely
and sustainably will help meet the world's wood and fibre needs without increasing pressure on native forests.
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