NZTE applauds 'local manufacturing win'

New Zealand Trade and Enterprise (NZTE) and the Foundation for Research, Science and Technology (FRST) have welcomed the purchase of German engineering group Noske-Kaeser by local investors as a "big win for the country's manufacturing sector".

ThyssenKrupp AG has sold its Noske-Kaeser Group - which equips ships with air conditioning and cooling technology - to two New Zealand-based private equity firms.

The sale to Titan 1 Ltd, owner of Palmerston North-based Conzept Engineering Solutions Limited, and Hunter Capital Group, for an undisclosed amount will take effect retroactively to October 1, 2005.

The two equity firms have registered offices at the same Palmerston North accountancy firm.

The purchase followed a strategic relationship developed in recent years between Conzept Engineering Solutions and Noske-Kaeser New Zealand.

Both Conzept and Noske-Kaeser New Zealand have received assistance from NZTE and FRST to develop their businesses.

NZTE specialised manufacturing sector director David Penny said the purchase "will allow world-class intellectual property to be located in New Zealand, which is something to be celebrated".

He said the new company would retain close links with German conglomerate ThyssenKrupp and benefit from its brand and design exposure.

"(This will provide) a great opportunity for New Zealand businesses offering internationally competitive pricing, service, and quality to become globally connected," he said.

FRST business manager Lins Kerr said the acquisitions had the potential to deliver significant benefits to New Zealand.

"(This will be) through increased foreign exchange earnings, more jobs, work for other local businesses and potential opportunities for locally developed technologies to be used overseas," he said.

Noske-Kaeser had annual sales of €53 million ($112m) last year.

- NZPA