| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 June 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Motion Industries Limited which owns or controls a leasehold interest in 0.9900 hectares of land at 88 Hastie Avenue, Mangere Bridge, Auckland. |
| Consideration | $3,789,604 |
| Applicant | Inenco NZ Limited Martin-Weber Family, Australia (100.0%) |
| Vendor | Existing Shareholders of Motion Industries Limited New Zealand Public, New Zealand (100.0%) |
| Background | The Applicant is wholly-owned by Inenco Pty Limited a privately owned company incorporated in Australia whose core business is the distribution of bearings and power transmission products in Australia and New Zealand. Motion Industries Limited is a supplier of ball and roller bearings, power transmission and associated products trading under the name SaecoPrecision. The proposed acquisition is a good strategic fit with the Applicant's existing business activities in Australia and New Zealand. The acquisition will provide the basis for a wider product range and allow for economies of scale. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Norman Cahill/Vicki Toan Glaister Ennor PO Box 63 AUCKLAND |