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

 


Port of Tauranga spends $34M on log marshaling business

Port of Tauranga spends $34M on log marshaling business

Dec. 12 (BusinessDesk) - Port of Tauranga, the country's biggest export port, will spend $34 million on Mount Maunganui-based log marshalling and scaling business Quality Marshalling.

The deal will take effect from February next year and immediately add to the port's earnings, the company said in a statement. Quality Marshalling had revenue of $18 million in the 2012 year, and is privately owned by local forestry businessman Ken Holmes.

"We look forward to working together to growth the company for the benefit of our customers," chief executive Mark Cairns said. "Quality Marshalling is a very well-run company with excellent growth prospects."

The deal comes a month after Port of Tauranga had to sell its 50 percent stake in stevedoring and marshalling business C3 to Australia's Asciano for $70 million. The Australian rail freight and ports operator exercised its right to buy out the port’s holding.

The port's shares decreased 0.4 percent to $13.05 in trading today, and have climbed 31 percent this year.

Holmes bundled several companies into Quality Marshalling in April this year, in an amalgamation with Kopuriki Log Transfer, Fibre Recovery, Sawmill Services and M&CG Transport, according to documents lodged with the Companies Office.

At the time of the amalgamation, Holmes signed a director's certificate stating that "although the proportion of the claims of creditors of the amalgamated company in relation to the value of the assets of the amalgamated company will be greater than the proportion of the claims of creditors of Quality Marshalling (Mount Maunganui) Limited in relation to the value of assets of Quality Marshalling (Mount Maunganui) Limited, no creditor will be prejudiced by this fact."

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news