Forico's tenth anniversary

A significant milestone was reached by Forico on 5^th September this year, the date marking the company’s tenth anniversary as Tasmania’s largest private forest management company. Since the announcement of its formation in 2014, the company has emerged as a leader in the Tasmanian forest industry, distinguishing itself for management of globally certified production plantation forests, conservation of extensive native vegetation areas across the north of the state, and for its people-centred employment culture.

As well as celebrating quietly on the day with barbecues and morning teas held across the company’s five workplaces, several members of staff who have been with the company since its beginnings in 2014 spoke of the milestones which stand out, and of what the company means to them.

Notable milestones for Mr Davis were:

• Securing an in-house workforce for production capability in two wood processing facilities.
• Surrey Hills Mill re-commissioning of both log yard and log infeed handling.
• Surrey Hills Mill new 144” chipper disc installation.
• FSC® forest management certification in 2015.
• Acquisition of significant assets including two L90S log stackers in 2015 and again in 2024 and essential machinery for mill and loading sites, refurbishment of the wharf loading facilities at Long Reach Mill in the East Tamar Valley and installation of a 96” chipper disc and electric motor in the company’s mill at that site.
• Securing of long term access to both Burnie and Long Reach ports and collaboration with industry partner TasPorts on an increase to the declared depth at Burnie port. 

• Partnership with Woodtech Measurement Systems, Santiago, Chile in the commissioning of the innovative LogMeter for volumetric log supply to Surrey Hills Mill.
• Harvesting and replanting of over 50% of the plantation forest estate and restoration to a world class asset.
• Completion of the asset’s acquisition in September 2023 to a prestigious global and Australian investor group.

• Re-establishing the business, supply chains and infrastructure through re-capitalisation and good commercial management to grow into a significant contributing business for the Tasmanian economy.
• Growing a brand which distinguishes itself in Environmental, Social and Governance principles as a result of community engagement and certification credentials. 
• Implementation of a log-drying strategy which was transformational for the business, reducing ‘wetness’ of the company’s woodchip product and making it more competitive compared to other suppliers in Australia and internationally. The strategy involved storing and drying logs in the field, and the installation of an innovative LogMeter system at the company’s Surrey Hills Mill, cost effectively measuring log deliveries in cubic metres at the mill. The system is the only hardwood supply chain in Australia to work on a cubic metre basis.
• Achievement of carbon registration for several projects under the Clean Energy Regulator’s plantation forestry method.
• Publication and enactment of two Reconciliation Action Plans.
• First Australian forest management company to publish a Natural Capital report demonstrating how a future-focused forestry business can add additional value to a wood production asset, and establishing a benchmark in nature-based reporting at global level.

Initiatives and diversification for the future

Forico continues to look for opportunities to grow revenue streams through an informed diversification agenda. The company regularly collaborates with industry peers on many initiatives, including the manufacture of wood fibre into engineered / solid wood products, unlocking estate value in natural capital, and capitalising on growing opportunities in the alternative energy and fuel sectors.

‘Forico has achieved something very unique and transformational in the forestry landscape of Australia,’ said Mr Herd. ‘This is something that we can speak to with considerable pride when engaged with peers from across the forestry sector in Australia. The continued interest and opportunity in the business continues to invoke in us a sense of pride and willingness to continue on the Forico journey.’