Coillte was established under the Forestry Act 1988, which defines the principal objectives and duties of the company. These objectives and duties are elaborated in the Memorandum and Articles of Association. The company is a private limited company registered under and subject to the Companies Acts 1963-86. All of the shares in the company are held by the Minister for Agriculture, Fisheries and Food and the Minister for Finance on behalf of the Irish State. The Board of Directors is appointed by the Minister for Agriculture and Food.
Coillte commenced trading in 1989 when it acquired ownership of the State's forests. The core purpose of the company was to commercially manage these forest assets. The company has undergone a major transformation since that date by becoming a European scale forestry and forest products business.
The following information shows how the Group has transformed from its formation in 1989.
- Our forest estate has increased in area from 376,000ha to 445,421 ha. (445,315 ha are forested).
- Profits have increased from a loss of €438K to profits of €4.2 million (2009).
- Turnover has grown from €38 million to €206.9 million (2009).
- Roundwood sales have grown from 1.5 million cubic metres to 2.4 million cubic metres.
(Figures are up to 2009)