| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 26 June 2023 |
| Pathway(s) | Benefit to New Zealand |
| Investment | Up to 50% of the shares in Cromwell Certified Concrete Limited which owns approximately 28.992 hectares of freehold land located at South Highway 6, Wanaka Road, Mount Pisa. |
| Consideration | Approximately $6,750,000 (subject to adjustments) |
| Applicant | Fletcher Concrete and Infrastructure Limited Australia (45.7%), New Zealand (26.8%), United States of America (16.7%) United Kingdom (5.7%) Europe region (2%) Norway (1.3%) Various other (1.8%) |
| Vendor | McNulty’s Investment Limited New Zealand (100%) |
| Background | The Applicant is a New Zealand incorporated company that is part of the Fletcher Group. Subsidiaries of the Applicant include aggregates business Winstone Aggregates, cement business Golden Bay Cement and concrete products business Firth Industries. The Applicant is seeking consent to increase its shareholding in Cromwell Certified Concrete Limited from 50% to 100%. Cromwell owns a freehold interest in 28.9 hectares of land in Mount Pisa, which is operated as a quarry. The quarry supplies aggregate to the Applicant’s concrete manufacturing plant in Cromwell, as well as other concrete plants in the Central Otago Region, and other roading and general construction customers. LINZ granted consent as it considered the Applicant met the investor test criterion and that the investment would likely result in benefit to New Zealand. The main benefits of the investment include an increase in production of primary products at the quarry, increase the lifespan of the quarry, and capital expenditure on carbon reducing technologies used at the quarry. |
| More information | Tara Wylie Simpson Grierson (Auckland) Private Bag 92518 Auckland 1141 |