Rubicon plans to sell Clearwood stake for $15.3M to focus on ArborGen business

Sun, 10 Dec 2017

By Tina Morrison Dec. 11 (BusinessDesk) - Rubicon, the NZX-listed forestry biotech company, has agreed to sell its remaining holding in its Clearwood manufacturing business for about $15.3 million, to focus on its ArborGen forestry genetics business. Auckland-based Rubicon will sell its 44.88 percent interest in Tenon Clearwood Ltd Partnership for US$14.2 million, which is the cost of its investment in the company in April, plus its share of the reduction in the company's net debt since then, it said in a statement. The proposed buyers ar...

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