Overseas investment decision for case 201710148 - Cromwell Certified Concrete Limited

The Applicant is a joint venture company 50% owned by Fletcher Concrete and Infrastructure Limited (“Firth”) and 50% owned by a New Zealand company McNulty’s Investment Limited.

The land is currently bare land. The Applicant intends to develop a quarry on the Land, which adjoins the Applicant’s existing quarry.  The Investment will enable the Applicant to increase extraction of aggregate to meet market demand and will also extend supply by approximately 15 years.  

The benefits to New Zealand include:

• A high degree of New Zealand ownership and control of the Applicant and Investment;
• Previous investments by the Applicant and Firth that have been or are of benefit to New Zealand. Firth has around 650 employees at 70 plant sites around New Zealand;
• increased processing of aggregate, as the level of extraction will increase, and much of this will be processed through the Applicant’s readymix business or elsewhere; 
• the retention of jobs associated with the existing quarry and the likely creation of further roles in cartage; and
• increased efficiency or productivity though a number of cost efficiencies associated with using existing plant, equipment and infrastructure.  The Investment will also allow for greater exploitation of the existing quarry’s resource.