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 Last Rites For The TPP

The Trans Pacific Partnership trade deal is one of those litmus issues that has always had more to do with one’s place on the political spectrum than with any imminent reality.

To date, the Greens have opposed (a) a wide range of the leaked content of the TPP (b) the secretive way it has been negotiated and (c) the undemocratic way in which any final document would be ratified. Labour has shared some of those concerns, but while remaining generally supportive of the deal itself.

National has, for its part, been very enthusiastic about the TPP, while still giving assurances about Pharmac being protected... For the TPP’s friends and foes alike though, the end now seems nigh. More>>

 
 

As Key Mulls Joining ISIS Fighting: McCully Speech To UN Backs Security Council Bid

It is an honour to address you today on behalf of the Prime Minister and Government of New Zealand. Our General Election took place last week - our Prime Minister Rt Hon John Key is engaged in forming a government and that is why he is unable to be here in New York... More>>

ALSO:

Labour: Cunliffe Triggers Party Wide Leadership Contest

David Cunliffe has resigned as Labour Leader, but says he will seek re-election... If there is any contest the election will have to go through a process involving the party membership and union affiliates. More>>

ALSO:

Flyover Appeal: Progress And Certainty, Or Confusion And More Delays?

Lindsay Shelton: The Transport Agency, embarrassed by the rejection of its flyover alongside the Basin Reserve, says it’s appealing because the decision could “constrain progress.” Yet for most clear-sighted Wellingtonians a 300-metre-long concrete structure above Kent and Cambridge Terraces would in no way be seen as progress… More>>

ALSO:

Gordon Campbell: On Cunliffe’s Last Stand

Right now, embattled Labour leader David Cunliffe has three options. None of them are particularly attractive for him personally, or for the Labour Party... More>>

ALSO:

Key Seeking 'New Ideas': Look To Children’s Commissioner On Poverty - Greens

John Key should not reinvent the wheel when it comes to ideas for tackling child poverty, and instead look to the recommendations of the Children’s Commissioner’s Expert Group on Child Poverty, Green Party co-leader Metiria Turei says. More>>

ALSO:

'Safe To Re-Enter' - OIA Docs: Safety Is Absolute Priority At Pike River Mine

“We understand that the time it is taking to complete our evaluation of the risks is frustrating for the family members and we are trying to complete this work as quickly as we can,” Ms Dunphy says. “It is Solid Energy’s responsibility to make this decision and we will do so, once we have all the information required to make a fully-informed decision.” More>>

ALSO:

Images & Report: Mihi To Welcome Newly-Elected MPs To Parliament

The 29 newly elected MPs were welcomed into Parliament with a Mihi. Parliament’s current Speaker David Carter offered advice from his experience working in Parliament advising the MPs to work collaboratively. More>>

Gordon Campbell: On Labour’s Very Bad Year

While Labour leader David Cunliffe still appears to be in denial about the extent of Saturday night’s debacle, there was hardly a single redeeming feature about the election results for the centre-left... More>>

ALSO:

General Election NZ: National Win

Election Night: With almost all votes counted National and John Key have won a third term and are close to being able to govern alone if they so choose. Key has indicated he will still reach out to form a Government with ACT, United Future and Maori Party. More>>

ALSO:

Perfectly-Timed Anniversaries: Suffrage Day Is Last Chance To Enrol

“The last chance to enrol is Friday 19 September. You can’t enrol on election day.” More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
More RSS  RSS
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news