Newlcast Pty Limited

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DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date23 December 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 0.8498 hectares of land at 25 Thomas Burns Street in Dunedin.
Consideration$1,094,461
ApplicantNewlcast Pty Limited
ESCO Corporation, United States of America (100.0%)
VendorFarra Engineering Limited
New Zealand (100%)
Background

The Applicant currently operates a steel foundry upon the land (which it has leased in Dunedin since 2007). The acquisition will allow the Applicant to continue to operate and develop its foundry operation.

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
  • 17(2)(a)(i) – Creation/Retention of jobs
  • 17(2)(a)(ii) – New technology or business skills
  • 17(2)(a)(iii) – Increased export receipts
  • 17(2)(a)(iv) – Added market competition/productivity
  • 17(2)(a)(v) – Additional investment for development purposes
  • 17(2)(a)(vi) – Increased processing of primary products
Overseas Investment Regulations 2005
  • 28(c) – Affect image, trade or international relations
More informationDavid Gilbert
Minter Ellison Rudd Watts (Auckland)
PO Box 3798
AUCKLAND 1140

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