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

 

Clearance to ITWNZ to acquire Pryda and Reid


Media Release

Issued 9 October 2003-04/048

Commission grants clearance to ITWNZ
to acquire Pryda and Reid

The Commerce Commission has cleared an application from ITW New Zealand Limited (ITWNZ) to acquire the assets of Pryda New Zealand (Pryda) and Reid New Zealand (Reid) from Nylex New Zealand Limited. The proposed acquisition is part of a larger Australasian transaction.

Both ITWNZ and Reid provide products and services in the New Zealand concrete industry. ITWNZ trades as Ramset New Zealand and is the largest supplier of fasteners for securing steel and timber components to concrete.

Acting Chair Paula Rebstock said the Commission was satisfied that the proposed acquisition would not have, nor would be likely to have, the effect of substantially lessening competition in the national markets for the supply of general fastening systems, concrete fastening systems and concrete lifting systems.

The Commission was satisfied that the combined entity would face strong competition in the general fastening and the concrete fastening market, and that entry was sufficiently likely in the concrete lifting systems market to provide significant competition to the combined entity.

A public version of the decision will be shortly available on the Commission’s website under Adjudication.

Commission media releases can be viewed on its web site www.comcom.govt.nz

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: 'Wellbeing Of NZers At The Heart Of Budget Priorities'

“We want a wellbeing focus to drive the decisions we make about Government policies and Budget initiatives. This means looking beyond traditional measures - such as GDP - to a wider set of indicators of success,” Grant Robertson said. More>>

ALSO:

Short Of 2017 Record: Insurers Pay $226m Over Extreme Weather

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). More>>

Environment Commissioner: Transparent Overseer Needed To Regulate Water Quality

Overseer was originally developed as a farm management tool to calculate nutrient loss but is increasingly being used by councils in regulation... “Confidence in Overseer can only be improved by opening up its workings to greater scrutiny.” More>>

ALSO:

Deal Now Reached: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>

ALSO: