Tauranga port pays $10.3m for transport firm

Port of Tauranga is paying US$10.36 million for all of Tapper Transport, with the main aim of increasing business through the port's inland Auckland facility MetroPort, reported the New Zealand Press Association.

The agreement includes a two-year earn out provision, with a maximum payment of $2.76 million.

The announcement comes a day after the death of Tapper Transport director Simon Tapper who, the announcement said, regarded the deal as perfect closure for a career in the freight business that he was so passionate about.

Port of Tauranga chief executive Mark Cairns said the primary objective of the acquisition was to expand the business through MetroPort.

It would enable the port to further develop MetroPort as an integrated freight centre and distribution hub, Cairns said.

Tapper Transport's operations are next to MetroPort at Southdown. Among its activities is wharf cartage and it carries about 90,000 TEUs of import and export containers annually.

(Source: Cargo News Asia)