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

 

Scott Technology to buy mine test assets

Scott Technology to buy supplier's assets for less than $1.5 million

July 28 (BusinessDesk) - Scott Technology says it will pay less than $1.5 million for the assets of a key supplier which will immediately contribute positively to earnings.

The Auckland-based supplier manufactures gold reference materials used in testing mining samples for Scott's Rocklabs division, which supplies automated laboratory equipment to the mining industry. Most of Rocklabs' output is exported.

Scott, which also manufactures production lines for appliances manufacturers globally and has joint ventures with Silver Fern Farms and an Australian beef processor to develop meat processing technology, says the price paid will depend on due diligence and the purchase is expected to be completed on October 1.

“The directors see benefit in vertically integrating the supply chain within our growing mining and minerals laboratory business,” says chairman Stuart McLauchlan.

Scott shares last traded at $1.16, giving the company a $36.3 million market capitalisation.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>