PanPac Forests name as far back as 1971 (with over NZ$180 million of investments into PanPac since then, including a major upgrade in 2012). The NZ$1.04 billion sale was announced at the end of April 2014, with the consortium taking full ownership of the assets in December that year. An initial public offering on the New Zealand Exchange was tipped for Carter Holt Harvey around April 2015, which, at an estimated valuation of NZ$1 billion, would have made it the largest flotation on the NZX that year. However, weakness in the Australian economy prompted Carter Holt Harvey to put its listing plans on hold two months later, with the company's board deciding they would not have "the necessary levels of confidence required" to accurately forecast the earnings outlook of its Woodproducts Australia division, one of its three divisions. The Australian newspaper instead speculated that the real reason the IPO was put on hold was to consider an offer by Australian conglomerate Wesfarmers and their subsidiary, Australasian hardware-chain behemoth Bunnings, for CHH's Carters building supplies chain to consolidate Bunnings' position in building supplies across both consumer and trade markets. A spokesman for Carter Holt Harvey, when approached by Fairfax Media for the Stuff online news site, said that he would not comment on speculation. Operations today As of April 2015, Carter Holt Harvey consists of three divisions – Woodproducts New Zealand and Woodproducts Australia, manufacturers of timber-based building products estimated to have about 50% of the structural timber market in New Zealand and 30% of Australia's – together with heavily trade-focused building supplies chain Carters, with approximately 50 outlets operating in New Zealand selling a wide range of products targeted at builders. The New Zealand Herald, in an April 2015 article, estimates Carter Holt Harvey to have around 5,000 employees and an annual revenue of roughly NZ$2 billion. It operates four milling sites in New Zealand – in Tokoroa, Kawerau, Nelson and Whangarei – as well as two Australian mills, in Yarram, Victoria and Caboolture, Queensland, and nine frame and truss plants. It was, ahead of a planned initial public offering in 2015, valued at potentially NZ$1 billion, which would not put what was formerly New Zealand's largest company in the top 20 by market capitalisation today (the smallest market capitalisation on the Standard & Poor's/NZX20 index as of 2016 was approximately NZ$1.5 billion). Controversies Alkyl Ammonium Chloride Alkyl Ammonium Chloride