The two main operating companies were originally established by the Bunnings Group:

The first, WA Chip and Pulp Co Pty Ltd (WACAP) was formed in 1969 as a result of a WA State Government invitation to utilise residue timber from logging operations in the forests of the southwest of WA. It now has a rapidly expanding role in processing the timber from sustainable bluegum plantations. This entity includes the harvesting, haulage, chipping and port operations. Marubeni had been successfully buying woodchips from Western Australia since the start of the WA Chip & Pulp Co woodchip export programme commenced in 1976.

The second entity, WACAP Treefarms Pty Ltd, was formed in 1990 as the plantation services business. Its core activity is to establish and maintain sustainable bluegum plantations throughout the South West region of Western Australia. This entity includes the seed orchards, nursery and plantation management services.

For historic reasons, the ownership of WAPRES bluegum plantations is largely vested in WACAP, with about 15% owned by WACAP Treefarms. WAPRES’ small pine plantation estate is owned by another small subsidiary, South West Forest Holdings Pty Ltd. These plantations are gradually being replanted to bluegum, where suitable, after the pine reaches maturity and is harvested.

In 2002, Marubeni sold a 40% stake in WAPRES to Nippon Paper Industries Co Ltd, a leading Japanese pulp and paper manufacturer, thus strengthening WAPRES position in the market. Nippon Paper Industries became an equal partner in WAPRES in March 2006 by purchasing a further 10% stake from Marubeni.