18 Mar 2010

Tauranga port buys transport firm

2:50 pm on 18 March 2010

Port of Tauranga has bought Tapper Transport for $15 million as part of its bid to boost growth at its inland hub Metro Port, south of Auckland.

The agreement includes a two-year earn-out provision of $4 million, with the current directors staying on over this period.

Tapper Transport is located next to Metro Port, and Port of Tauranga chief executive Mark Cairns says the deal will result in more cost-effective services and shipping for customers moving goods in and out of the inland hub.

He believes the move will strengthen the Metro Port operation, compared with importing through Ports of Auckland.