| Decision number | 200620016 |
|---|---|
| Application number | 200620006 |
| Date | 28 July 2006 |
| Offeror/applicant | Visy Industrial Plastics (NZ) Limited |
| Ultimate applicant beneficial ownership | 100 percent - Australia |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Alto Holdings Limited 61.2 percent - New Zealand, Stewart (Mark James) 38.8 percent - New Zealand, New Zealand Public |
| Business activities | Manufacturing - Other |
| Details of land involved | None |
| Regions involved | Various |
| Total consideration | $227,892,000 |
| Consent Sought | To acquire property being business assets of Alto Holdings Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Alto Packaging Limited, a wholly-owned subsidiary of Visy Industrial Plastics (NZ) Limited (Visy), proposes to acquire the business and assets of Alto Holdings Limited (Alto) and Alto Holdings (Australia) Pty Limited (Alto Australia). Visy is part of the Visy Group of companies whose business is the development and supply of high quality plastic and steel packaging throughout Australia and New Zealand. The acquisition of Alto, which is New Zealand's largest privately owned rigid plastics moulding company, will enable Visy to continue to grow its New Zealand operations. |
| Contact | Joe Windmeyer Russell McVeagh PO Box 8 AUCKLAND |