SCT ATTRACTS MAJOR GOVERNMENT SUPPORT FOR R&D
2:58PM, 10 Dec 2010 | GENERAL
10 December 2010
SCOTT TECHNOLOGY LTD ATTRACTS MAJOR GOVERNMENT SUPPORT FOR R&D
The company is pleased to advise that we have been successful in our
application for the Governments Technology Development Grant. This has been
awarded to Scott to a maximum of $3.7
million over 3 years and is payable at the rate of 20% of eligible spend on
research and development (R&D).
This is in recognition of, and support for, our commitment to R&D which is
driven by our mission to be the Global Innovator in Automation. Scott's R&D
activities are spread throughout the group and cover both new areas as well
as all our core activities being:
- Design and build of Appliance Systems.
- Supply of sample preparation equipment and systems for the global mining
and minerals sector.
- Automation and Robotics for the meat processing sector.
Please see the following page for information on the Grant.
Chris C Hopkins
KEY FEATURES OF THE GRANT:
The Technology Development Grant supports firms with a good track record in
research and development (R&D) and which spend a significant proportion of
their revenue on R&D.
In 2010/11, $92 million will be invested into 26 businesses in the high value
manufacturing sector. This is the largest Government R&D investment into
The Technology Development Grant was announced in the May Budget as a new
initiative to increase business investment in R&D, with $189.5 million
available over four years.
The Technology Development Grant is administered by the Foundation for
Research, Science and Technology. It is one of its investment products under
TechNZ, the Foundation's business investment programme.
The Grant reimburses 20 per cent of eligible R&D expenditure on a business's
R&D programme, up to $2.4 million (excl. GST) a year.
Grants will be awarded for three years, after which a business will have to
reapply for a grant alongside other businesses.
The final amount businesses will receive depends on their actual R&D
expenditure over the next three years.