Overseas investment decision for case 201120025 - Fletcher Concrete and Infrastructure Limited

An overseas investment in sensitive land, being the Applicant's acquisition of:

• a freehold interest in 197.2707 hectares of land at 128 Durham Road, Waipu; and
• a freehold interest in 1.2860 hectares of land at Waikohua Place, Ruakaka; and
• a freehold interest in 55.2858 hectares of land at Matakana Road, Warkworth.

Marriott Farms Limited
Stephen Robert Dodd, New Zealand (50.0%)
Phillip John Schmidt, New Zealand (50.0%)

Wharehine Ruakaka Limited
Stephen Robert Dodd, New Zealand (50.0%)
Phillip John Schmidt, New Zealand (50.0%)

Wharehine Developments Limited
Stephen Robert Dodd, New Zealand (50.0%)
Phillip John Schmidt, New Zealand (50.0%)

To acquire a ready-mix concrete business from Amalgamated Concrete Co Limited, the Applicant was required to purchase the Land from the Vendors. The acquisition of the concrete business will enable the Applicant to expand its concrete production and secure access to existing plant and equipment. The Applicant intends to divest the Land.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(iv) – Greater efficiency
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(b) – Key person in a key industry
28(e) – Previous investments
28(j) – Mitigating Factor