Whangarei hydraulics specialist McRaes Engineering, owned by South Island-based multi-millionaire Humphry Rolleston, has bought the business of Global Hydraulics and Controls of Auckland, opening the way to accelerated expansion overseas.
The buyout makes McRaes one of the largest hydraulics service companies in New Zealand, employing about 65 staff.
The company will be known as McRaes Global Engineering Ltd and the head office will remain in Whangarei.
Humphry Rolleston, whose wealth was estimated at $60 million in the 2008 NBR Rich List, chairs the board and is one of two directors, the other being McRaes chief executive and well-known Whangarei businessman, Dennis Maconaghie.
Mr Rolleston said Mcraes already operated in several offshore locations in the Middle East and the Pacific, with about 35 per cent of revenue generated offshore.