buys Potlatch
p. 18 · Read in the full issue
Samoan Government buys Potlatch
A new multi-million dollar com pany, Samoa Forest Products Ltd, has officially come into existence with the Western Samoa Govern ment taking over the assets of Potlatch Samoa Inc.
This US-owned company had pre viously run Western Samoa’s Asau mill.
The takeover occurred officially when the Prime Minister, Tupuola Efi, signed a deal with Mr Roderick M. Steele, representing Potlatch Corporation of the United States.
Purchase of Potlatch assets will cost the government almost SUS 2 million, which is repayable over 5 7* years.
The purchase gives Western Samoa 80% control, with the other 20% held by Standard Sawmilling of Australia. This company owns and operates several tropical hard wood sawmills in northern New South Wales and Queensland, Australia.
The Western Samoa Prime Minister noted that timber and tim ber products are major import items for Australia, and that a partnership with an Australian company would represent a considerable advantage for Western Samoa.
Japanese and Western Samoan representatives signed an agreement in July in Wellington for Japanese aid in developing Western Samoa s fishing industry.
It was the first formal aid agree ment between the two countries.