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Alabama timber
firm is trying to
buy C. Brewer
The firm owns 300,000 acres
Star-Bulletin staff
of forest in the U.S. southeast and
Chile, and has bought
Big Island landHILO -- An Alabama timber company is negotiating to buy the stock of Buyco Inc., the parent company of C. Brewer and Co., Brewer announced.
Buyco is in preliminary negotiations with Strother Timberlands Ltd., an international land company headquartered in Troy, Alabama, the announcement said.
The negotiations followed an unsolicited offer from Strother to buy the company's stock. Sale of the company would require shareholder approval.
Strother's business interests include ownership and management of more than 300,000 acres of forest in the southeastern United States and in Chile, the announcement said.
Strother recently purchased property on the Big Island in the name of its subsidiary, Puna Forestry, the announcement said. The size, location, and other details of that purchase were not announced.
In 1998, Strother bought 1,068 acres of Big Island pasture land to grow timber and to subdivide into residential parcels. It also bought 2,180 acres from Hawaiian Anthuriums that year, about 1.5 miles from the 1,068-acre parcel.
"Their sole line of work is timber," said Hank Correa, a real estate agent with Prudential Orchid Isle Properties. "They are here acquiring properties for that purpose."
In addition to Brewer's extensive landholdings, the company is the world's leading producer of macadamia nuts and guava-based juices, and it processes other products such as Kona coffee and jams and jellies.
C. Brewer was one of the original Big Five firms, which at one time essentially controlled Hawaii. It was founded by James Hunnewell, an officer on the Thaddeus, which had brought the original missionaries here in 1820. He returned in 1826 to set up a trading company, which was itself later traded to Capt. Charles Brewer, who gave the company its lasting name.
After the sugar industry died out, C. Brewer branched into diversified agriculture and specialty products, such as Kona coffee and Mauna Loa macadamia nuts.
C. Brewer announced last year its shareholders wanted out of the macadamia nut business, and it agreed to sell the nut processing and distribution company to raise capital for stockholders.
C. Brewer also wanted to raise money to venture into the herbal medicine market.
Brewer has interests in real estate, environmental and industrial services, power generation and now nutraceuticals.
It manages BEI, formerly Brewer Environmental Industries, which was spun off from Brewer more than a year ago.
Strother joins other firms that are slowly building up the Big Island's forestry industry.
An Arizona-based investment group leases 5,000 acres owned by C. Brewer to plant paulownia, a fast-growing tree whose wood can be used for furniture.
