Overseas investment decision for case 200710028 - Fletcher Concrete and Infrastructure Limited

To acquire:

1. an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 hectares in area and is or includes land on an island in Part 2 of Schedule 1; and
2. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37.

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.

Fletcher Concrete and Infrastructure Limited through its operating division Firth Industries, proposes to acquire the business and assets of Waiheke Readymix Limited, a company manufacturing readymix on Waiheke Island. Firth Industries business activities include readymix concrete and concrete products. The acquisition of the business and assets of Waiheke Readymix Limited is part of the Applicant's strategy to increase its presence in the readymix concrete market in the Auckland region.

The proposal is likely to result in the following benefits:

1. enhanced domestic services in New Zealand; and
2. increased efficiencies to the Applicant's business.