Sharechat Logo

Scott Tech gets $5.8m loan from Provincial Growth Fund

Wednesday 30th October 2019

Text too small?

Scott Technology will receive a $5.8 million loan from the government’s Provincial Growth Fund to set up an agriculture technology business unit. 

Regional Development Minister Shane Jones and Trade and Export Minister David Parker announced the loan as one of several projects in Dunedin, including almost $20 million to re-open KiwiRail's Hillside workshops. 

The Scott unit would be dedicated to providing automation solutions and services for New Zealand food processors, producers and their suppliers, Jones said.

Scott said it would create 15 new highly skilled jobs and aimed to deliver $30 million of benefits to the agritech industry, initially focused in the South Island. 

Funds would provide a “technology boost” to local industry, job creation and export earnings and set up an advanced robotics training facility for customers, staff and external students, Scott said.

“Today the production and manufacturing industries are challenged by labour availability and skills shortages. In addition, health and safety of workers is a top priority and producers are seeking greater differentiation of product. Automation, robotics and sensing can help with these challenges,” said Scott director of research and development and strategy Barbara Webster. 

Scott Technology, which is controlled by JBS Australia, said it would leverage its global capability. 

Webster said Scott Agritech would provide automation solutions and services for processors, producers and their supply chains. The products include machine vision, smart sensors, machine learning and data mining. 

Scott Agritech would include a training function for customers and other interested parties specific to operating and maintaining both automated and robotic equipment.

The company and the government will now work together to determine final agreed terms, including repayment conditions, for the six-year loan, Scott said. 

The stock lifted 1.3 percent to $2.33 and is down 23 percent over the past 12 months. 

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Gold Edges Higher After IMF Shaves World Growth Forecast
PaySauce to raise $5.8m, convert notes to equity
Phase One Trade-Deal is an improvement with noteworthy limitations
21st January 2020 Morning Report
Dollar Trims Gain on French Tariff Deal; Oil Rises
Finzsoft blocked from quitting credit unions contract over Christmas
China Unveils Plan to Reduce Single-Use Plastic by 2025
20th January 2020 Morning Report
Rio Tinto reiterates Tiwai position as aluminium prices stay weak
TIL downgrades earnings by up to 40%, suspends first-half dividend

IRG See IRG research reports