Teak Holz to Raise Capital for Expansion

IndustrialsBasic Resources ♦ Published: June 28, 2011; 16:33 ♦ (Vindobona)

The Upper Austrian timber company announced a capital increase by € 15.6m. The funds will be used to boost growth.

Teak Holz to Raise Capital for Expansion / Picture: © Vindobona.org

Teak Holz International AG will acquire 3,500 hectares of forest in Costa Rica to become the second largest supplier of precious wood in the Central American country. The investment will amount to € 40m to € 50m, the company announced on Tuesday. Teak Holz currently cultivates an area of more than 1,900 hectares of forest.

“This is an acquisition opportunity which will…