Methven Awarded Technology Development Grant

NZX Statement 6 March, 2013

Methven Awarded Technology Development Grant

Leading New Zealand shower and tapware designer Methven Limited, is one of eight businesses to be awarded a Technology Development Grant by the recently established Crown entity, Callaghan Innovation.

The grants, totalling more than $25 million over three years, support high-tech New Zealand businesses with a proven track record of investment in research and development (R & D).

Methven has a strong history of innovation and investment in R & D, having already successfully commercialised international award-winning bathroom technologies including its patented Satinjet® showers and Tahi Twin Lever tapware.

The Technology Development Grant provides Methven with funding to reimburse 20 per cent of eligible R & D expenditure over a three year period, totalling more than $2 million.

According to Methven CEO, Mr Rick Fala, investment in R & D to create innovative and proprietary products has been the foundation of the Methven business and the reason the company can compete against its much larger and better funded competitors.

“Methven has to have a unique point of difference in order to stand out from our competitors and grow internationally. This grant will enhance our ability to drive new projects and speed up the commercialisation of ideas already in our product pipeline,” Mr Fala said.

“We are pleased that this Government initiative recognises innovative companies such as ourselves and the important role we can play in helping create a higher value economy.”

For more company information, visit www.methven.com

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