Salt maker goes to Hong Kong buyer
The Lake Grassmere salt works in Marlborough has been sold to overseas interests
Control of half of New Zealand’s only salt-making operation has shifted to Maehtech Pty of Hong Kong.
Latest Overseas Investment Office decisions include the go-ahead for Ridley Corporation of Australia, to sell its shares in Cheetham Salt. The asset is valued at $41.7 million.
Since the 1990s Cheetham has been the half owner, along with Cerebos Greggs, of Dominion Salt, which owns the salt works
The saltworks comprise the 1629ha Lake Grassmere near Blenheim.
Ridley sold Cheetham Salt to CK Life Sciences, a subsidiary of Maehtech, registered in Hong Kong.
The Lake Grassmere business was established as Dominion Salt in 1949 as a joint venture between the government and a company owned by pioneer salt producer George Skellerup.
Subsequent ownership changes in the 1990s saw Ridley become a joint venture partner with Cerebos Greggs.
Lake Grassmere provides less than half the country's salt requirements, estimated to be around 120,000 tonnes.
Chris Hutching
Tue, 02 Apr 2013
Tue, 02 Apr 2013
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Salt maker goes to Hong Kong buyer
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