NEW YORK -- Caravelle International Group, a global ocean technology company, has established a partnership with a U.S. corporation to manufacture wood products in Gabon, Africa, for export to the United States and that the government of Gabon has granted the partnership use of 165 acres of land for the location of the lumber mill.

The mill will produce wood laminate flooring, plywood, and other wood products. The products will have a significant cost advantage over lumber products domestically produced in the United States because of cheaper lumber and labor in Gabon, but also because the African Growth and Opportunity Act will allow for the duty-free import of these products into the U.S.

The unnamed U.S.-based partner will fund the construction of the mill in Gabon and already has established distribution in the U.S. to sell these products.

Caravelle will ship the wood products to the United States. Caravelle will also dry the wood products in transit, using its patent-pending CO-Tech system that uses recycled engine heat for the drying process, resulting in significant cost savings and a 6-week reduction in lead times vs. traditional kiln drying at the mill, the company said in a statement.

The partners estimate that the venture will generate $200 million in annual revenue within several years. 

"This is an exciting new venture for Caravelle and our U.S. based partner," said Dr. Guohua Zhang, CEO of Caravelle. "We have had great experience working with Gabon in the past, having exported lumber from there to Asia. Expanding export into the United States is a logical next step that will be a big growth driver for our Company in the years ahead."