Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Paloma Industries Application To Acquire Southcorp

Media Release

Issued 11 December 2001/128

Commerce Commission receives clearance application from Paloma Industries to acquire Southcorp

The Commerce Commission has received an application from Paloma Industries Limited, through its wholly owned subsidiary NZ Water Heater Company Limited, to acquire 100% of the water heaters and heating elements business of Southcorp Water Heaters NZ Limited.

Paloma Industries Limited is a privately held Japanese company. The ultimate holding company of Paloma is Paloma Co., Ltd, which is the producer of gas appliances, including water heaters.

Paloma Co., Ltd, together with its subsidiaries, manufactures and sells water heaters in Japan. Its products are sold throughout Asia, including Australia and New Zealand. Paloma Co., Ltd also owns the North American based Rheem Manufacturing Company.

NZ Water Heater company is a wholly owned subsidiary of Australian Water Heater Pty Ltd, which is a wholly owned subsidiary of Rheem US Holding Inc., which in turn is owned by Paloma.

Paloma produces gas appliances, including water heaters, in Japan and imports these into New Zealand.

Southcorp Water Heaters NZ Limited is part of the Southcorp Water Heaters Group based in Australia. The ultimate holding company of the Southcorp Water Heaters Group is Southcorp Limited, a major company listed on the Australian Stock Exchange.

Southcorp New Zealand manufactures and supplies residential and commercial water heaters under the "Rheem" and "Vulcan" brands.

In considering the application, the Commission's role is to determine whether the merger has the effect of substantially lessening competition in the market.

A public version of Paloma's application is available on request from the Commerce Commission. Please contact Catherine Best, (04) 494-0953.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO: