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Hellaby Holdings Enters Battery Business

HELLABY HOLDINGS LIMITED


15 November 2006


Hellaby Holdings Enters Battery Business

Hellaby Holdings today notified the NZX that the Company had entered into an agreement to acquire 100% of HCB Technologies Limited from its private family owners.

HCB is the largest New Zealand owned importer and distributor of industrial batteries including automotive, commercial, marine, deep cycle, solar and motorcycle batteries and through its wholly owned subsidiary HCB Standby Technologies, large reserve battery systems and traction batteries for fork trucks.

David Houldsworth, Managing Director of Hellaby Holdings commented ‘HCB’s core business of automotive and industrial batteries fits very well with our major business areas and is therefore a very complementary acquisition for the Hellaby Group.”

Mr Houldsworth noted that “the current family owners have built the business up to the point where it has a strong position in the New Zealand market. We believe that we can continue to grow the business as part of the wider Hellaby Group.”

HCB will continue to operate as an independent, stand alone business under the Hellaby Automotive Division.

Due to a confidentiality undertaking with the vendors details of the purchase price cannot be revealed at this time.


Ends

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