Dublin, 28th November 2006 - Coillte today formally announced its acquisition of Weyerhaeuser Europe Limited, the Clonmel based manufacturer of medium density fibreboard (MDF).  The acquisition had been cleared by the Competition Authority on 10 November. This move further enhances Coillte's position as a leading player in the European wood panels sector, offering high quality, cost effective products supported by strong customer service and product innovation.

Coillte Chief Executive David Gunning stated 'I am delighted to announce today's completion of Coillte's acquisition of Weyerhauser Europe Ltd. For Coillte this represents a very significant evolution of our ongoing business strategy. This acquisition will enable Coillte to further develop as a successful pan-European business operating in forestry, forest products and land based businesses. In order to mark this new development the business will be re-named as Medite Europe Ltd. recognising the strength of the Medite brand and the premium position it commands in its core markets.

Medite MDF was originally established in Clonmel in 1983 by the Medite Corporation of the USA. Since 1983 it has undergone several ownership changes. It was acquired by Weyerhaeuser from Willamette Industries in 2002. It employs 165 people and, as well as supplying the Irish market, exports MDF to the UK, mainland Europe and beyond. The company has successfully established Medite as the  leading MDF brand. It has pioneered a range of premium MDF products including Medite Premier, Medite Exterior, Medite MR, Medite Plus, Medite FQ., Medite FR a flame retardant MDF, and Medite Ecologique which is used in sensitive environments such as hospitals.

For further information please contact Martin Mackin Q4PR 01-4751444 / 087-8145030 or Gerry Egan, Coillte, 087-2591409

Note for Editors

Coillte is an Irish State owned company operating in forestry, land based businesses and added-value processing operations. In 2005, Coillte recorded a turnover of €215m, and a profit of €20m.