Masonite sold – 1 000s of jobs saved
The sale of the Masonite Mill will ensure that South Africa maintains its position as a leading producer of hardboard and timber products
Last week, Masonite announced that the business rescue process in which it has been engaged since December, has led to a win/win solution for all stakeholders, especially employees and the Estcourt community.
The wide search has resulted in new owners who have KwaZulu-Natal roots and a long-term plan for the company. This is a real win for employees as it protects over 1 000 jobs and means that the business will continue to be active in Estcourt.
Business Rescue Practitioner Pierre Berrange noted: “We have been able to create a viable alternative to shutting down the Mill – a significant and positive outcome. The sale ensures local ownership and a commitment to KZN, and Estcourt in particular.”
The sale of the Masonite Mill will ensure that South Africa maintains its position as a leading producer of hardboard and timber products with strong BEE credentials.
