Fourth acquisition in a year for Donaghys

Dunedin-based Donaghys Industries has made its fourth acquisition of the year.

The company announced today it had bought Christchurch-based Polynet Products' bailnet business.

New Zealand's rural industry was a hungry consumer of bailnet with annual usage of more than 77 million metres a year for hay and silage, Donaghys said.

The acquisition provided Donaghys with exclusive distribution rights in this country to Novatex bailnet, recognised as the global leader in premium round bale netting.

The Novatex range had been specially developed for the New Zealand environment with extra UV stabilisation for the harsh local conditions, managing director Jeremy Silva said.

During the past year Donaghys had bought Australasian applied technology firms including Southern Ocean Ropes, Jenkins Biolabs and National Ropes.

"We're currently eyeing a number of other acquisitions and hope to make an announcement early in 2007," Mr Silva said.

Donaghys has said the acquisitions are part of an ongoing strategy to add critical mass and new products to its rope and cordage business.

- NZPA