UPDATED Port of Tauranga makes first South Island foray with shot in the arm for PrimePort

Tue, 13 Aug 2013

(Adds comment from PrimePort’s Gower starting in fourth paragraph) Aug. 13 (BusinessDesk) – Port of Tauranga, New Zealand’s busiest export port, has agreed to buy a half stake in PrimePort Timaru in a $21.6 million deal that will provide a shot in the arm for the South Island company that lost key shipping services last year. Port of Tauranga will buy a 50 percent stake in PrimePort excluding its investment properties, lease PrimePort’s container terminal for up to 35 years, acquire container terminal operating assets and create a new subsidi...

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