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

 


Moa signs long-term brewing deal with McCashin's

Moa signs long-term brewing deal with McCashin's as expansion talks continue

By Paul McBeth

May. 26 (BusinessDesk) - Moa Group, the boutique beer maker scheduled to report annual earnings tomorrow, has signed a long-term brewing contract with McCashin's Brewery in Nelson amid protracted negotiations to expand capacity at its own facility in Blenheim.


The Auckland-based company has extended its contract brewing arrangement with McCashin's for an unspecified time, and will use some of Moa's own equipment, it said in a statement. High-end specialty brews will continue to be produced at Moa's Blenheim site, and volume brews at the McCashin's brewery. The deal fills the gap left by Moa's protracted resource consent application to expand the Blenheim brewery, and the company said it is in .private mediation talks for a modest increase in capacity at the site.


"We get the brewing scale we require, in a timely fashion and without significant demands on capital expenditure," chief executive Geoff Ross said. "I am confident that we will achieve a satisfactory resolution to the mediation this year."


Moa raised $16 million in a 2012 initial public offer, of which it expected $6.1 million would be spent on expanding the brewery.


The shares fell 1.6 percent to 61 cents, and have shed 3.1 percent this year. The stock slumped last year when sales volumes missed forecast, something Moa blamed on its now-dumped distributor, Treasury Wine Estates, for failing to deliver on the agreed targets.


Last year the company’s board said it will embark on a strategic review to “improve the overall profitability and viability of the business model in each of its markets and in terms of its manufacturing capability, both for the immediate and medium terms.” It expects to complete the review once the decision on the new brewery is finalised.


(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news