Overseas investment decision for case 200520076 - Holcim (New Zealand) Limited

1. an estate or interest in land which together with any associated land exceeds 0.2 hectares and includes/adjoins the foreshore; and
2. an estate or interest in land which together with any associated land exceeds five hectares in area.

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has significant business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

The Applicant, through its operating divisions and subsidiaries, is involved in the manufacture, distribution and sale of cement and ready mixed concrete, and the extraction, processing and sale of aggregate and limestone. It has operated in New Zealand for over 115 years and has established positions within these markets. The Applicant previously operated in New Zealand as Milburn New Zealand Limited. The Applicant's parent company, Holcim Limited, is one of the world's leading suppliers of cement, aggregates and concrete.

The Applicant is proposing to acquire the subject property which is situated in a well-developed industrial area. The land adjoins a 6020m2 parcel of land owned by the Applicant, from which it operates a ready mix concrete plant. The existing land owned by the Applicant was part of the land the subject of A199820094/D199820095, when Zealhoff New Zealand Limited acquired the balance shareholding in the Applicant (then named Milburn New Zealand Limited).

Part of the land is leased to MT Containers for the manufacture of plastic containers. The MT Containers lease is terminable on six months notice by either the lessee or lessor.