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."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news