Thursday 20th April 2000
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A big office development in Brisbane appears to have a fascination for New Zealand companies. The $50 million Metroplex development Murarrie is already home to Fisher & Paykel's Australian operations and has been selected by Michael Hill International for its $3 million regional headquarters building. Initially, the company will build a 2000sq m office and production facility with capacity for a 1000sq m extension. All activities, from administration, manufacturing, distribution and warehousing, will be contained on the 5ha site. The company is relocating from South Bank Corporate Park in South Brisbane. There has been no suggestion the new facility means the official headquarters of Michael Hill will move from Whangarei across the Tasman.
The annual Fortune 500 list contains a number of companies that have made large investments in New Zealand. The size of these companies shows up even our largest companies as the global minnows they are. Carter Holt Harvey's parent, International Paper, ranks 61 on the list with revenues of $US24.6 billion ($49 billion) and assets of $US30.3 billion. Owner of a number of energy companies, Utilicorp comes in at 90 with revenues of $US186 billion and assets of $7.6 billion while Waste Management, which has just sold its share of the New Zealand company of the same name, ranks 133 with $US13.3 billion and $US21.4 billion respectively. Just to put those numbers in perspective, our largest company, Telecom has revenues of $US1.7 billion and assets of $US 2.7 billion. Kinda makes you feel small, doesn't it?
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