A DEAL to take BSW Timber (BSW), the UK's major integrated forestry and sawmilling group, into new ownership has been formally approved. 

Binderholz now becomes Europe's largest group in the sawmill and solid wood processing industry, with an annual turnover of €2.6 billion and around 5,000 employees, after its acquisition was completed last week.

A significant global sawmiller and producer of value-added products, including cross laminated timber, Glulam beams, solid wood panels, pressed pallet blocks, wood pellets and briquettes, the firm's move was confirmed when it was given the greenlight by the Austrian Competition Commission and UK Financial Conduct Authority.

READ MORE: BSW acquired by global sawmiller Binderholz

The takeover move was first made public in October last year. 

Reinhard Binder, owner and CEO of binderholz, said: “With a strong focus on sustainability, binderholz and BSW pursue a forward-looking and at the same time, tradition-conscious corporate philosophy.

"The purchase of BSW is an essential component of our long-term expansion and sustainability strategy.

"BSW is active along the entire value chain of the sawmill industry, from sustainable forest management and maintenance – with capacity to plant up to 50 million high quality seedlings per year – to timber harvesting, sawmill operations, timber processing and distribution as well as biomass energy.

"This step strengthens binderholz’s positioning in the growing British market, which is characterised by high demand for sawn timber, solid wood, timber construction and DIY products.

"The Green Economy ideal is being actively lived in Great Britain, which has been reflected in the constant growth rates in CO2-neutral timber construction over the years. With our products, we optimally cover these market needs and plan investments that go further into depth of the value-added chain.”

Apart from the headquarters in Fügen in Tyrol, binderholz has 28 further sites. Around 5,000 employees share their passion for wood in Europe and the USA.