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is a state-sponsored company
A State-Sponsored Body is the name given in Ireland to a state-owned enterprise , that is to say, a commercial business which is benficially owned, either completely or majority, by the Irish Government...
in the Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
, based in Newtownmountkennedy
Newtownmountkennedy is a village in County Wicklow, Ireland. It developed within the historic townland of Ballygarny . It is just off the N11 road to Wexford, just south of Kilpedder and south-west of Greystones. It is about north of Wicklow Town approximately from Dublin.The R772 regional road...
. Coillte is a commercial company operating in forestry
Forestry is the interdisciplinary profession embracing the science, art, and craft of creating, managing, using, and conserving forests and associated resources in a sustainable manner to meet desired goals, needs, and values for human benefit. Forestry is practiced in plantations and natural stands...
, land-based businesses and added-value processing operations.
The company was established on 8 December 1988 and is owned by the Minister for Agriculture, Fisheries and Food and the Minister for Finance
The Minister for Finance is the title held by the Irish government minister responsible for all financial and monetary matters. The office-holder controls the Department of Finance and is considered one of the most important members of the Government of Ireland.The current Minister for Finance is...
on behalf of the Irish Government
The Government of Ireland is the cabinet that exercises executive authority in Ireland.-Members of the Government:Membership of the Government is regulated fundamentally by the Constitution of Ireland. The Government is headed by a prime minister called the Taoiseach...
. The new company replaced the old Forestry Commission. Coillte employs approximately 1,100 people and has three subsidiaries. The Coillte estate is 4,450 square kilometres of which 79% is forest; it owns 70% of forests in the country.
Between 1989 and 2007 Coillte has:
- Increased its Forest estate from 376,000ha to 445,421 ha. (445,315 ha are forested).
- Increased the value of its net assets from €730 million to €1,433 million.
- Increased its profits from a loss of €438K to profits of €40.1 million (2007).
- Turnover has grown from €38 million to €318 million (2007).
- The % of revenue derived from products and services other than roundwood sales has increased from 9% to 66.5%.
As of 2011, there is speculation that Coillte could be sold by the Government of Ireland as part of cost cutting measures.
Coillte is currently seeking to calculate of the aggregate economic value of its 445,000ha of forest estate.
Price tag put on Coillte http://www.wearechange.ie/80/