Polarcold to chill with Fonterra in Auckland

Scales Corp Chief Executive Andy Borland

Scales Corporation [NZX: SCL] announced today that its Polarcold Stores has secured a long-term commitment from Fonterra to take 50% of a new cold store in Auckland.

The facility will be located at Ports of Auckland’s intermodal freight hub in Wiri, where Polarcold has a long-term lease. When it becomes operational (which is expected by the third quarter of 2015), it will expand Scales’ total cold storage capacity by 16%.

According to Scales Corporation managing director Andy Borland, “New Zealand’s perishable food exports have increased by almost 65% in volume terms since 1990 and our forecasts show this continuing into the future.

“While half of the capacity is fully contracted, it is anticipated the balance will be quickly picked up by import/export clients and FMCG customers across the Auckland region.”

The benefits of building the new cold store at Wiri, says Ports of Auckland chief executive Tony Gibson, “is its location plus its road and rail links to the Auckland sea port. It offers access to New Zealand’s largest market for importers and domestic producers and a fast efficient route to overseas markets for exporters.”

It will be the first Auckland-based cold store for Polarcold, which already operates facilities in Timaru, Christchurch and Dunedin, while associated company Whakatu Coldstores has facilities in Hastings, Napier, Kerepehi and Wellington.

This article is tagged with the following keywords. Find out more about My Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7787 -0.0045 -0.57%
AUD 0.8851 -0.0022 -0.25%
EUR 0.6216 0.0002 0.03%
GBP 0.4870 -0.0027 -0.55%
HKD 6.0390 -0.0356 -0.59%
JPY 87.3690 1.8020 2.11%

Commods

Commodity Price Change Time
Gold Index 1198.1 -13.300 2014-10-30T00:
Oil Brent 86.2 1.180 2014-10-30T00:
Oil Nymex 81.1 -1.180 2014-10-30T00:
Silver Index 16.4 -0.844 2014-10-30T00:

Indices

Symbol Open High Last %
NZX 50 5370.2 5405.3 5370.2 0.33%
NASDAQ 4639.4 4641.5 4566.1 1.13%
DAX 9283.4 9339.3 9114.8 2.33%
DJI 17208.8 17395.5 17195.4 0.93%
FTSE 6463.6 6553.4 6463.6 1.28%
HKSE 23913.7 24046.4 23702.0 1.25%
NI225 15817.1 16533.9 15658.2 4.83%