TaranakiPine to get growth fund loan

Stratford Press - - News -

The Provin­cial Growth Fund (PGF) will pro­vide a loan of up to $1.8 mil­lion to TaranakiPine to al­low the com­pany to diver­sify and cre­ate new jobs, Re­gional Eco­nomic De­vel­op­ment Min­is­ter Shane Jones an­nounced on Thurs­day.

TaranakiPine is in the early stages of pro­duc­ing fac­tory fin­ished en­gi­neered tim­ber pan­els, which can be used in the con­struc­tion of floors and roofs in build­ings.

“With sup­port from the PGF, the com­pany will now be able to ac­cel­er­ate the project from pi­lot stages to full com­mer­cial­i­sa­tion.

“This will gen­er­ate seven new jobs di­rectly and 13 new jobs in­di­rectly and is an ex­cit­ing in­vest­ment that sup­ports a lo­cally-based busi­ness to fast­track new prod­uct to mar­ket, which will in turn help to un­lock new eco­nomic op­por­tu­ni­ties in Taranaki.

“This di­ver­si­fi­ca­tion will also sup­port the re­ten­tion of the ex­ist­ing 170 jobs at the mill.

“This demon­strates the value of the PGF and the abil­ity we have to part­ner with the pri­vate sec­tor to bring for­ward projects which will make a real dif­fer­ence for our re­gions.

“Im­por­tantly, this in­vest­ment also aligns strongly with the Gov­ern­ment’s pri­or­i­ties, in­clud­ing Ki­wiBuild and the One Bil­lion Trees pro­gramme. Fin­ished tim­ber pan­els will help to in­crease pro­duc­tiv­ity in hous­ing con­struc­tion.

“The com­mer­cial­i­sa­tion of the project high­lights the po­ten­tial for the wood pro­cess­ing sec­tor to tran­si­tion from a fo­cus on vol­ume to value and the pro­duc­tion of high-value prod­ucts.

“For years peo­ple have talked about adding value to the in­dus­try by in­creas­ing our on­shore pro­cess­ing and man­u­fac­tur­ing ca­pa­bil­ity and now, through the PGF, we’re able to do ex­actly that,” Shane Jones said.

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