Schweighofer Group, one of the European leaders in wood processing, announced on Monday „a strategy change”: it sells its subsidiary Cascade Empire S.R.L. (Cascade Empire) as well as the forest management division, Ocol Silvic Cascade Empire S.R.L., to the Swedish company GreenGold Group.
The contracting parties have decided not to disclose the value of the transaction and the contract details.
The forests owned by Cascade Empire cover 14,283 hectares, located in Hunedoara, Gorj, Vrancea, Prahova, Buzau, Neamt and Suceava counties.
Cascade Empire had acquired these forests between 2003-2011 and currently has a team of 19 employees, including the staff of the forest management division. The entire team will be taken over by the new owner.
Holzindustrie Schweighofer, which entered the Romanian market in 2003, is to focus only on the wood processing activities.
Today the company operates in Romania three timber factories and two factories that manufacture wood panels with a total of approximately 3,100 employees.
