eCargo site expected to pay way

By PAULA OLIVER

Carter Holt Harvey has taken a 49 per cent stake in an internet-based freight company, the first investment for its $15 million venture capital fund.

Chief executive Chris Liddell said the $660,000 investment in Wellington-based eCargo would pay off for Carter Holt both as a customer, in lower costs, and as an investor.

The internet website gives customers the opportunity to register their freight requirements, and have them met by freight companies which are recognised members of the site.

A fee will be charged for the successful matching of a customer and freight company.

Mr Liddell said he had been approached by eCargo creator Phil McCaw, and had seen that the opportunity made good business sense.

As one of New Zealand's largest freight movers, with an annual road cargo bill in excess of $30 million, Carter Holt will use eCargo immediately for its non-contract road freight needs.