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


Wyma Engineering Owners Seek Partner for Growth

Friday 4 August 2006

Wyma Engineering Owners Seek Partner for Growth

The owners of Christchurch-based design and manufacture firm Wyma Engineering have appointed PricewaterhouseCoopers Corporate Finance as their lead adviser as they seek to identify a strategic partner and develop their expansion plans for the business.

Owner Andrew Barclay said Wyma Engineering had experienced strong growth over recent years and the time was right to assess their future plans. “This is now a business close to $20m in revenue and we’re of the view that our growth in the next phase is going to be best achieved – and accelerated – by having a strategic partner on board.”

Offers will be sought by PricewaterhouseCoopers through until 23 August, with a view to completing the process toward the end of October.

Wyma Engineering, with 90 staff, is primarily an export-focused business. More than 85% of its turnover is driven by a presence in 23 offshore markets including the UK, Europe, Australia and the Americas. Since the Barclay family took over the business in 2001, Wyma Engineering has grown nearly tenfold, and has been a finalist for several awards, including the 2005 NZTE Exporter of the Year and the 2005 American Chamber of Commerce Exporter Awards.

The company’s products include machinery for receiving, washing, grading and packing vegetables, as well as general materials handling equipment such as conveying and receival systems. Its flagship product, The Wyma Vege Polisher, invented in Christchurch in the 1990s, is now the number one system of its type in the world.

PricewaterhouseCoopers Corporate Finance partner Craig Armitage said he expected considerable interest in the company from within New Zealand and further afield.

“Wyma is recognised around the world as an industry leader that supplies high quality, innovative products,” he said. “It has a proven track record, and under the Barclays’ ownership it has had significant growth on the back of a very successful export programme.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news