60%
of the shares in NZ’s biggest CoF and WoF issuer, VTNZ, have been sold
to Dekra SE – subject to the approval of the Overseas Investment Office
(OIO).
Dekra SE is an international testing, inspection and certification specialist.
The Motor Trade Association (MTA) is currently the sole shareholder of VTNZ.
Under
the sale agreement, there is provision for considering the sale of the
remaining 40% of shares at the end of 2016, at the option of either
party.
MTA president David Storey says: “We are pleased that we
have been able to proceed with the sale. We have always maintained that
it will provide a range of meaningful benefits for all the parties
involved, and it has been heartening to see that MTA members recognise
this.
“Partnering with DEKRA opens up new possibilities for us
outside of the automotive sector, and that will not include the repair
and servicing of vehicles; DEKRA don’t have an offering in that space
and don’t plan to.
“The net result of this sale though will be a strengthening of MTA’s capabilities and improved long term outlook.”
The
sale was discussed by MTA members at a ‘special general meeting’ today,
with the MTA board seeking members’ support before proceeding with this
sale.
Members also had the opportunity to discuss the sale at a series of road-shows held across the country earlier in September.
Clemens
Klinke, board member of DEKRA SE and head of business unit DEKRA
Automotive, says: “The approval of this sale is a very positive outcome.
In recent times we have been concentrating on client-centred structures
and processes as a means of improving our overall performance. VTNZ are
an appropriate fit for that model.
“They are a well-respected
and recognised brand with strong management and a very capable,
customer-centric workforce. I am very confident that by making best use
of each other’s strengths and expertise, we will quickly develop an
organisation of the highest calibre.”
The formal transfer of shares from MTA to DEKRA will take place as soon as is possible, subject to the approval of the OIO.
Dekra’s
international products and services include motor vehicle testing,
damage reports, accident analyses and technical reports, safety tests,
initial and in-service training, employment agency work, certification,
environmental services, materials testing, building surveys, consulting
and specialist publications.
The Dekra business units
“Automotive”, “Industrial” and “Personnel” provide professional and
innovative services in the fields of vehicle inspections, expert
appraisals, international claims management, consulting, industrial
testing, product testing, certification, environmental protection and
qualification.
