Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 


Waikato Innovation Park Contributed Over $100m to Region

Waikato Innovation Park Contributed More than $100m to Region Over Past 10 Years

According to a 10 year economic impact report, the Waikato Innovation Park has brought $16M of establishment funding into the region and employee-related benefits from those working at the Park have contributed more than $100M to the regional economy.  

The report, carried out by the Institute for Business Research at the Waikato Management School, outlines the Park’s direct and indirect contributions to Waikato’s economy since its establishment in 2002 through to 2012. 

In addition to quantifying the Park’s decade of economic contributions, the report estimates future contributions.  One of the most significant is from its milk powder dryer which was launched in 2012 to help food companies with new product development.  Within the next three years the report estimates the dryer will contribute an additional $63M in milk powder exports to the region.

The report also forecasts that the Park’s operating revenue is set to increase from $4.027M in 2012 to $5M by 2015.  Assets are projected to nearly double to $61.4M by 2015.

Current and projected employee benefits, which have been based on an average remuneration package of $100,000 and a multiplier of 2.4, are forecast to contribute a further $20M over the next three years. Employee numbers are also expected to nearly double to 800.

Led by Waikato Management School Professor Frank Scrimgeour, the report builds upon an economic impact study conducted in 2007 which analysed the Park’s first five years of operation. 
Professor Scrimgeour said the report confirms that the Park’s annual operating revenue has improved consistently over the past 10 years. 

“Consequently this is improving the Park’s future economic viability and is leading to an improved equity situation, improved asset values and the potential to expand with new buildings, tenancies and initiatives like the new milk powder spray dryer.

Waikato Innovation Park chief executive Stuart Gordon said the Park had grown from an idea with no staff and no physical assets to an economic entity with a balance sheet of total non-current assets of $22.6M in 2012.

“The core facilities building was completed in two stages over 2003 and 2004 and the Tetra Pak building was completed in 2009. Today the Park hosts around 54 companies employing 420 people – and there is a waiting list of tenants who would like to be based here.  We’re planning for the next stages of development and the next five years will be an exciting time of sustainable growth.”

The Park’s shareholders include Hamilton City Council and The Katolyst Group.  It was established in 2002 with financial contributions from Hamilton City Council and the Government’s former Major Regional Initiative scheme.

Mr Gordon recently presented the economic impact report to Hamilton City Council executives, councillors and Mayor Julie Hardaker.

Key Events in Park Corporate History

Company establishment:

·         Innovation Waikato Ltd – established August 2001
·         Dairy SolutioNZ (NZ) Ltd – established November 2009
·         Beef SolutioNZ (NZ) Ltd – established October 2009
·         NZ Food Innovation (Waikato) Ltd – established August 2010
·         Waikato Innovation Park Ltd – established June 2012

Changes in shareholding:

·         The Katolyst Group is the founding shareholder - 2001
·         Hamilton City Council takes ownership of 247 shares – 2009

Major establishment funding received:

·         Hamilton City Council grant $2M, March 2002
·         MED Grant, $2M, to: construct a core facilities building; establish and operate a technology commercialisation office;  and establish and operate an incubator for technology businesses,  December 2002
·         WEL Energy Trust Grant, $2M to: undertake the development of Stage 1 of Waikato Innovation Park,  June 2003
·         Industry NZ/MRI Grant, $4M (split evenly between the following), December 2008:
o   towards the cost of construction of the Tetra Pak building
o   to support the off-shore business development activity of IWL
o   $2.4 million of equity from HCC in support of the TetraPak build
o   $3.95M grant from MED to support the cost of construction of the spray dryer.

Date facilities constructed and commenced operations
1. Core Facilities Building Stage 1 - Construction completed 2003
2. Core Facilities Building Stage 2 - Construction completed 2004
3. TetraPak Building - Construction completed 2009
4. NZFIW Spray Dryer Facility – Construction completed May 2012

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: The PM’s Hair-Pulling Power Trip

There have been striking differences between (a) the account of the waitress involved in the hair-pulling incidents, and (b) the account being given by Prime Minister John Key. The version by the waitress is available here and is recommended to anyone yet to read it. By her account, there were multiple instances of hair-pulling and these persisted and persisted long after she had made her annoyance clear to Key – who had also been advised by his wife, and by other café staff that the behavior was evidently not being welcomed. More>>

ALSO:

War: What’s To Commemorate?

Gordon Campbell in Werewolf: Is there anything that can be validly commemorated on this 100th anniversary of Gallipoli? Beyond, that is, a fleeting sense of empathy with the thousands of soldiers killed or wounded on April 25 1915 and in the months thereafter, until the whole thing was finally called off in December 1915. More>>

MORE IN WEREWOLF:

ALSO:

Peter Ellis Case: Minister Declines Request For Commission Of Inquiry

Justice Minister Amy Adams has declined a request from supporters of Peter Ellis for a Commission of Inquiry on the basis that an inquiry cannot be used to determine the liability of any person. More>>

Quakes: New Process For Red Zone Crown Offers

Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to owners of vacant, commercial/industrial and uninsured properties in the Residential Red Zone. More>>

ALSO:

Gordon Campbell: On The Battle Obama Is Waging Over The TPP

For the past two and a half years, this column has been arguing that the fate of the Trans Pacific Partnership (TPP) deal will hinge on whether US President Barack Obama can win Trade Promotion Authority (TPA) from Congress... Last week, the White House finally, finally unveiled a draft TPA Bill. More>>

ALSO:

Greens: Govt Breaks Free Doctors Visit Promise To Kids

Documents obtained by the Green Party show that the Government decided to fund only 90 percent of doctors’ visits for children suffering from an injury in an attempt trim the cost of the so-called “free” visits. More>>

ALSO:

Other Wars: Extension Of NZDF Commitment In Afghanistan

The New Zealand Defence Force’s commitment of mentors and support staff to the Afghan National Army Officer Academy in Afghanistan has been extended out to December 2016, Defence Minister Gerry Brownlee says. More>>

PM's Press Conference: Auckland Property Prices Increasing "Too Rapidly"

John Key accepted that Auckland property prices 'are going up too rapidly” in a press conference held today in Wellington, however he said that this is not anything new. More>>

ALSO:

Press Conference: ANZAC PMs Concerned About ISIL Bringing The War Home

Prime Minister Key and Prime Minister Abbott spoke of the bond formed between Australia and New Zealand in the “baptism of fire” of Gallipoli. Abbott stated that New Zealand and Australia’s values and interests are linked, and this is reflected in the joint operation in Iraq which will begin shortly. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news