30 September 2011
Listed Company Relations
New Zealand Exchange Limited
PO Box 2959
EXPANSION OPPORTUNITY WITH THE PURCHASE OF AN EQUITY STAKE IN NEW ZEALAND COMPANYâ€™S CHINESE FACTORY
The Directors are pleased to announce that Scott Technology Limited has today settled on the transaction to acquire a 75% controlling share in Teknatool International Limitedâ€™s Qingdao based manufacturing company, and renamed it QMT Machinery Technology (Qingdao) Co., Ltd (â€˜QMTâ€™).
Further information is contained in the 29 June 2011 announcement of the signing of the conditional agreement. It has taken several months to go through the required process to obtain approvals from relevant Chinese authorities.
The existing China operations of Scott and QMT will be merged and operated by Scott with effect from 1 October 2011.