Schweighofer Group sells its Romanian forests to Sweden’s GreenGold Group

The Schweighofer Group announced today the sale of 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 GreenGold Group. The move signals a change in the company’s strategy in Romania.

The forests owned by Cascade Empire amounted to 14,283 hectares, located in the counties of Hunedoara, Gorj, Vrancea, Prahova, Buzau, Neamt and Suceava. The Contracting Parties have decided not to disclose the transaction value and contractual details.

Cascade Empire acquired these forests between 2003-2011 and currently has a team of 19 employees, including forest management division staff. The entire team will be taken over by the new owner.

Holzindustrie Schweighofer entered the Romanian market in 2003. Today, the company operates in Romania three timber factories and two factories producing wooden panels with a total of approx. 3,100 employees. Also, starting in 2017, the company has implemented an action plan for a sustainable woodworking industry that far exceeds legal requirements. Holzindustrie Schweighofer remains committed to this action plan and will continue to optimize dialogue with non-governmental organizations and other stakeholders.