12/20/2018 | News release | Distributed by Public on 12/19/2018 19:59
20 December 2018
JVC Kenwood Corporation has approval from the Overseas Investment Office (OIO) to buy Tait International Ltd.
Tait Limited has sold its subsidiary, which specialises in voice and data radio technology, to Japanese JVC Kenwood.
About 95 percent of Tait International's products are manufactured in Christchurch. The company employs about 470 people in New Zealand and about 130 in its other international offices.
JVC Kenwood also manufactures electronic products, including car navigation systems, emergency response products and video cameras.
JVC Kenwood and Tait International intend to collaborate by leveraging their technologies, expertise and product ranges to enable them both to expand.
The OIO was satisfied that JVC Kenwood directors have the business experience needed and are of good character, and that the company showed a financial commitment to the investment.
OIO consent was required because the purchase price topped the $100 million threshold for overseas investments in business assets. JVC Kenwood had to satisfy the OIO that its directors have relevant business experience and are of good character, and the company could show a financial commitment to the investment.
JVC Kenwood will report to the OIO after the transaction is completed.