The Duchy Sawmill has been acquired by timber importer, Premier Forest Group.
Lostwithiel-based Duchy Sawmill was established in 1958 and employs 35 staff on a single 11 acre site.
The business converts locally grown softwood logs into sawn timber for a variety of uses including fencing, pallets and agriculture.
Owner Adrian High, who is selling the business to the Premier Forest Group, said: “We have always enjoyed a good relationship with Premier so when we decided to sell, they seemed like the natural choice.
“I believe that Premier is the right business to take Duchy forward, and I know that the sawmill will thrive under Premier’s stewardship.”
Newport-based Premier Forest Group is one of Wales’ largest companies, with its latest acquisition pushing it past the £100 million revenue mark.
Financial terms were not disclosed.