Spending big to make even more cardboard boxes for the world. Sales heading $400m so quite big
IPO mentioned in article
Whakatāne Mill begins its $70m upgrade
https://www.nbr.co.nz/business/whaka...s-70m-upgrade/
Whakatāne Mill …..possible IPO one day
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26-07-2023, 03:03 PMwinner69Whakatāne Mill …..possible IPO one day
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26-07-2023, 03:25 PMSideshow Bob
Is this the one that was going to be closed a couple of years ago?
(Well how many mills can there be in Whakatane......) -
26-07-2023, 03:33 PMwinner69From the article -Quote:
Originally Posted by Sideshow Bob
From two years ago when it was about to close, Whakatāne Mill (WML) under new owners is now a thriving export business and three weeks into an upgrade that will see it potentially double its output of folding boxboard, or the material used in tough cardboard cartons and packaging.
In early 2021 the mill’s original Swiss owners decided to exit the business, damning the mill to closure, before an international consortium including wealthy Irish paper and packaging businessman Dermot Smurfit, his brother, Sir Michael Smurfit, Switzerland-based investment banker Alan Dargan, and managing director of Auckland’s Direct Capital, Ross George, acquired the business for a confidential sum.
Tasmania-based Ian Halliday was also part of the consortium, and he currently services as WML’s executive chairman. He told NBR he was extremely proud of what had been achieved at the mill, Whakatāne’s largest employer, which currently has 190 workers on the books and will have over 200 once the upgrade takes effect.
The business now exports across the world and will target further expansion in a couple of years, once the current upgrade was done and profitability is bedded in – with a stock market listing even being considered by the owners.
There’s a lot of work yet to do but “we think it’s great for the local community and great for the broader New Zealand community as well,” Halliday said.I