Callaghan Growth Grant recognises Methven ambition
Callaghan Growth Grant recognises Methven ambition for World leading Innovation
New Zealand’s award winning and market leading premium shower and tapware brand Methven Limited (MVN) has been awarded an R&D Growth Grant by Callaghan Innovation.
Growth Grants are awarded to experienced R&D performers and are designed to add scale to R&D investment for greater market impact and grow investment in R&D for maximum return. Methven has been awarded R&D funding of around $3 to $5 million over a maximum period of five years. The Grant is based on reimbursing 20 per cent of eligible R&D expenditure.
According to Methven Group CEO David Banfield, investment in R&D is critical for Methven to deliver more ground-breaking products that drive value for the business and its shareholders.
“The hugely successful Aurajet® shower technology, that was designed, developed and manufactured by the team in Auckland, was launched globally in March 2015 and highlights the benefits of a strong and well-supported R&D programme. The Growth Grant will allow us to continue our investment in R&D with confidence and help to effectively deliver our exciting product pipeline over the next 3-5 years.”
Methven has a strong history of innovation and investment in R&D, having successfully commercialised a number of international award-winning bathroom technologies including Satinjet® and Aurajet®.
Mr Banfield added “We continue to develop an even stronger suite of innovative products that make us stand out from the competition internationally and in our own New Zealand market. New products are integral to the delivery of the 3 year strategy ‘Methven 130’ that was announced in July, and will help us deliver long term profitable growth to our customers, shareholders and team. ”
Finally, Methven is delighted to update the market that it has won 6 awards at international events in New Zealand, Australia, Germany and United Kingdom for its breakthrough shower system Aurajet® and Aio tapware range. It was also officially recognised in the Cool Brands Awards in the UK which was hugely encouraging.
“Cool Brands is an award that recognises the best and features global giants such as Apple. It’s therefore a significant moment for Methven to be the only shower and tap brand recognised. We are determined to take our brands and technology onto the world stage and prove that technically and commercially, we are able to challenge the best” stated Banfield.