24 Nov 2009

US wood processor hopes to benefit from housing pick-up

10:27 am on 24 November 2009

American-based wood processor Tenon says it expects its second half operating earnings to increase 20%, compared with the first half.

Tenon is a major supplier of big box furniture chains in the United States.

Speaking at Tenon's annual meeting in Auckland, chairman Luke Moriarty says the company hopes benefit from a pick-up in the real estate market.

The US government is extending tax incentives for first-home buyers to second-home buyers which has helped to bouy the market.

Tenon is also looking to acquire companies to propel growth, Mr Moriarty says.