Page 8 - HW June NEW 2022

hard news
FDL-TUMU acquisition further delayed
We first learned in late March from the Commerce Commission that Fletcher Distribution (FDL) had applied for clearance to acquire all six Tumu stores in Hawke’s Bay, along with Tumu’s Hastings frame & truss plant.
ComCom’s Statement of Preliminary Issues was issued 5 April, with submissions closing 22 April for interested parties to provide “comments on the likely competitive effects of the Proposed Acquisition.”
The Commerce Commission’s decision was originally due on 19 May 2022 but was initially extended to 31 May 2022 and has since been further extended to 28 July this year.
With no information available
around the delay, but with TUMU now rebranded and having left ITM, for now it’s business as usual for those stores (now under the TUMU Building Materials banner) and frame & truss plant (TUMU Frame & Truss).
Provided the Commerce Commission gives its approval to the transaction, it was originally expected that the TUMU operation would transition to FDL mid-year, leaving TUMU Group to focus full time on its timber manufacturing businesses – including bin and pallet manufacturing and timber wholesale
– along with its property development business, TUMU Developments.
https://tumu.co.nz/
A quick charge for free at Mitre 10
LAST MONTH MITRE 10 announced plans for EV charging facilities to be nationwide “within four years”, starting with metro stores.
Starting with stores in Auckland, Wellington and Christchurch where EV ownership is highest, in conjunction with provider JOLT, EV drivers will have access to 7kW of free charging per day at JOLT fast chargers, providing 40-50 kilometres of range, depending on the vehicle.
The free top-up charge should take 20-25 minutes, but users can also charge for longer at what JOLT says will be “the lowest charge rates in New Zealand”.
Chief Legal and Property Officer Grant Fraser says Mitre 10 is “proud to be contributing to New Zealand’s efforts to reduce carbon emissions through this partnership with JOLT,” he says, adding that 39 of Mitre 10 NZ’s 84 locally owned stores will have JOLT charging stations installed “over time”.
While JOLT itself has plans for “hundreds” more fast-charging EV stations around New Zealand at other locations, Mitre 10 says it will roll out charging stations to the rest of its store
network independent of its arrangement with the BlackRock-backed company.
“Within four years, every Mitre 10 store nationwide will have EV charging stations available for customers,” says a spokesperson.
www.mitre10.co.nz https://joltcharge.co.nz/
6 NZHJ | JUNE 2022
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