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


Powerco / Unl Integration Delivers Results

Powerco / Unl Integration Delivers Results

Powerco’s purchase of UNL assets, and the equity raising process that has accompanied it, has given the company the size and the liquidity to allow it to enter the New Zealand Stock Exchange’s top forty listed companies.

Powerco will be included in the NZSE40 from December 2, 2002.

Powerco Chief Executive, Steven Boulton, said the ranking was a reflection of Powerco’s recent progress and performance, and the success of its acquisition strategies.

Mr Boulton said Powerco’s focus over the coming months would be on bedding in the integration of assets from the UNL purchase.

“With the settlement activities complete, integration is on target.

“We’re working through rationalisation of business processes and systems, policies, assignment of contracts and so on. We’ll have the integration complete by 31 January 2003 – meaning that by that date, Powerco will be in control of all key systems and business processes.

“Doubling the size of the company also means we will need some 40 new staff members, for a mix of engineering, finance and account management positions, to be based in Wellington and New Plymouth. We are currently recruiting to fill these roles. All new employees should be on board before the end of the January”.

Mr Boulton noted that Standard & Poor’s had removed Powerco from CreditWatch, following the successful financial close of the acquisition of the UNL assets. Powerco was placed on CreditWatch on September 10 when the acquisition was announced.

Standard & Poor’s note that the ratings outlook for Powerco is stable, as the business position has strengthened in recent years through the expansion of its territory. Powerco now holds a BBB+ long term credit rating.

© Scoop Media

Business Headlines | Sci-Tech Headlines


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>

Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>

Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>

Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>

Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>