WAITOMO CEMENT ISSUE
Plan For Second Kiln (Neto Zealand Press Association) AUCKLAND, June 10. Waitomo Portland Cement, Ltd., plans to raise £400,000 by a one-for-one issue to finance a second kiln which will have a capacity several times that of the present kiln, the chairman (Mr C. M. Richwhite) announced at the annual meeting in Auckland today.
The £1 shares will be split into 5s units.
Expenditure on new machinery and its installation would be about £500,000, he said. The issue would double capital to £BOO,OOO and it was proposed to increase nominal capital to £1,000,000. Both moves were subject to the consent of the Capital Issues Committee. Mr Richwhite said that sales in all areas had increased. Immediate and foreseeable requirements now justified a bold expansion programme involving the purchase of a wet process rotary kiln which would be installed as soon as possible. The new plant would enable production of a wider range, including rapid hardening cement, for which there was a heavy and expanding demand, said Mr Richwhite.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19600611.2.186
Bibliographic details
Press, Volume XCIX, Issue 29228, 11 June 1960, Page 16
Word Count
171WAITOMO CEMENT ISSUE Press, Volume XCIX, Issue 29228, 11 June 1960, Page 16
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.