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

 


ASX-listed Calibre Group buys Downer’s Spiire NZ

ASX-listed Calibre Group buys Downer’s Spiire NZ for $1.9 mln cash

Feb. 4 (BusinessDesk) – Calibre Group, an ASX-listed mining and rail consultancy, has acquired New Zealand engineering and survey advisors Spiire Group from Downer EDI Group for $1.9 million.

Perth-based Calibre said the acquisition by its Brown Consulting unit would add to earnings immediately and extend its reach in civil and urban infrastructure.

Spiire, which has about 120 workers, is expected to generate $19 million in sales in 2014 and will contribute about $8 million revenue to Calibre. Its projects have ranged from the temporary stadium at Eden Park to the Levin District Court building, the new Christchurch stadium and the Rotorua police station.

“The acquisition provides exposure to improving economic conditions in New Zealand, in particular the significant construction opportunities associated with the Christchurch rebuilding activity, Auckland urban housing infrastructure upgrades and new investment,” the company said in a statement.

Calibre said the purchase price includes a deferred component. It expects to invest in upgrading Spiire’s IT systems and hardware, and provide working capital for the business, it said.

Shares of Calibre were trading unchanged at 45.5 Australian cents on the ASX this morning, having declined 71 percent in the past 12 months, with much of the drop coming after the company lowered its 2013 guidance in April last year. The stock is rated a ‘buy’ based on the consensus of three analysts polled by Reuters.

Downer’s stock opened this morning on the ASX at A$4.747, down 2.5 percent, The company sold its Spiire Australia unit via a management buyout in June last year.

(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