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Caltex And Works Announce Joint Bitumen Venture

Caltex And Works Announce Joint Venture For Bitumen Supply

Caltex New Zealand and Works Civil Construction today announced the formation of a joint venture company, Bitumen Supplies Limited, to supply bitumen to the New Zealand market.

The new company, with its main assets located at the Port of Taranaki, will handle the manufacture, sale and distribution of bitumen and related products in New Zealand. It will be the sole bitumen marketing and distribution vehicle for Caltex and Works in New Zealand.

Works Chief Executive Graham Shaw and Caltex General Manager Sales Bruce Hollett said the joint venture will provide both companies with the benefits of increased supply efficiency and increased market share.

"Caltex will be responsible for bitumen supply to Bitumen Supplies Limited, sourcing product from the New Zealand Refinery Company at Marsden Point or through imports to the company's storage facilities at New Plymouth.

"Works will take all its bitumen requirements from Bitumen Supplies Limited and will be its major customer.

"A major commitment of the joint venture company will be to continue to supply the existing independent customers of Caltex and Works and to develop potential new customers."

The joint venture company is expected to begin operations in August 1999.

The move by Works, which has 35% of road maintenance contracts in New Zealand, further strengthens the companies position as a reliable and cost efficient provider of road building, maintenance and infrastructure services in and outside of New Zealand. It follows the company's acquisition of the New Zealand bitumen and roading businesses of Technic Group late last year.

ENDS....

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