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: On The Budget

It may seem like Oliver to be so bold as to ask the Finance Minister for more gruel – but what the Dickens, Steven Joyce… is this Budget really as good as it gets?

Supposedly, the public was going to receive significant rewards – an election year lolly scramble no less – for the eight years of belt tightening that they’ve endured, and for the rundown of essential public services.

Well, what Budget 2017 delivered instead in Education and in Health were allocations barely sufficient to maintain the current levels of service delivery More>>

Scoop Full Coverage: of Budget Announcements & Reaction
Latest: Scoop Search

 
 

Carer Settlement: Threat Of Staff Exodus In Mental Health

As a result of the recent pay rise awarded to their aged care and disability sector colleagues, many staff in non-government mental health and addiction organisations are considering leaving to join these workforces. More>>

ALSO:

Climate Policy: New Zealand Set To Blow Its Carbon Budget By 27%

The Government’s Greenhouse Gas Inventory shows New Zealand is set to release 647.5 million tonnes of carbon emissions between 2013 and 2020 – 137 million tonnes more than we are allowed under the Kyoto Protocol. More>>

ALSO:

Earlier:

Christchurch Considers Cathedral, Stadium: Cathedral Working Group Report Released

“About half of Christchurch wants to see the cathedral reinstated, the other half wants something new and more modern, but really, everyone just needs a decision." More>>

ALSO:

Auditor-General Stands Down For Investigation: Gordon Campbell On (Not) Taking Responsibility

So Martin Matthews, our current Auditor-General wishes he could have detected “earlier” the fraud that occurred on his watch at the Ministry of Transport. Hmmm. But he could have detected it earlier, surely? That’s the point. More>>

ALSO:

NGOs Pleased: Govt To Halt Collection Of Client Data

Brenda Pilott, the chair of ComVoices and national manager of Social Service Providers Aotearoa, congratulates the government on its decision to call a halt to the collection of individual client data until the concerns of not-for-profit service providers have been worked through. More>>

ALSO:

Gosh: Blasphemy Law Repeal Struck Down

Chris Hipkins, the MP who tabled a Supplementary Order Paper to add our Blasphemy Law to the Statutes Repeal Bill, said this was a "sad day for freedom of speech, tolerance, and leadership". More>>

ALSO:

 
 
 
 

Opening The Election Supporters

 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election