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- Release Date: 12/12/12 12:36
- Summary: ASSET: POT: PORT OF TAURANGA ACQUIRES QUALITY MARSHALLING
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POT
12/12/2012 10:36
ASSET
REL: 1036 HRS Port of Tauranga Limited (NS)
ASSET: POT: PORT OF TAURANGA ACQUIRES QUALITY MARSHALLING
Port of Tauranga today announced that it has acquired Quality Marshalling
Limited effective from 1 February 2013.
Port of Tauranga Chief Executive, Mark Cairns, says the primary objective of
the acquisition is to maintain the Port's presence in the forest industry
supply chain as a core and strategic component of our business.
Port of Tauranga will purchase 100% of the shares in Quality Marshalling for
$34 million. The revenue for the 2012 year was $18.0 million. The
acquisition is expected to be immediately earnings per share accretive.
"Our purchase of Quality Marshalling will enable us to further develop our
customer supply chain relationships", says Mr Cairns.
Mr Cairns says Quality Marshalling is a logical choice as a business partner
because of the compatibility with Port of Tauranga. "The Company is privately
owned by Ken Holmes and has long-serving staff with a 'can do' approach to
customers and a strong focus on innovation. We look forward to working
together to grow the company for the benefit of our customers. Quality
Marshalling is a very well run company with excellent growth prospects."
Ken recognised the close alignment between the Port of Tauranga and Quality
Marshalling and made the choice to sell Quality Marshalling to Port of
Tauranga.
Following settlement, Shayne Jenkins, who has more than 20 years' experience
in the forestry export sector, will become General Manager of Quality
Marshalling and take over the leadership of the business from Ken Holmes, who
will stay associated with the Company in an advisory capacity.
For further details, contact:
Mark Cairns
Chief Executive
Port of Tauranga Limited
Ph: 07 572 8829
http://www.port-tauranga.co.nz/Media-Room
About Quality Marshalling:
Quality Marshalling is the second largest log marshalling and scaling company
in New Zealand, handling approximately 2.5 million cubic metres of logs at
Mount Maunganui and Northport.
Quality Marshalling also has operations at:
o Kopuriki Log Yard, Murupara
o Waipa Sawmill, Rotorua
o Kaingaroa
o Napier
o Auckland
Quality Marshalling has been operating since 1991 and currently has 133
employees.
End CA:00231004 For:POT Type:ASSET Time:2012-12-12 10:36:19
