Profits reflected in $2m headquarters
Waikato's Power Farming Group has opened a $2 million headquarters building in Morrinsville for its New Zealand operations.
The largest independently owned farm machinery supplier in Australasia says the new building reflects the group's sales revenue growth of more than 75 per cent to almost $400m in the past decade.
The opening was attended by farmers, rural contractors, dealers and representatives of major overseas suppliers. Among them were Francesco Carozza, vice-chairman of the SAME Deutz-Fahr company of Europe, Paul McHale, of McHale Engineering in Ireland, and David Palmer, of the European-based Kverneland Group.
Power Farming chief executive Bruce Nixon said the new building was a landmark for a company achieving success despite some tough economic times.
The group had had its ups and downs over the past 10 years, but the trend had generally been strongly upward, he said.
The company's Australian sales had gone from virtually nothing in 2001 to more than $180m a year, and this year it opened a $20m headquarters in Melbourne for its Australian operation, which includes branches in Victoria, New South Wales and Queensland.
Australia now accounts for almost half its business.
Power Farming is the largest independent importer and distributor of tractors and farm machinery in Australasia.
Nearly 3000 tractors are sold a year and it operates at 14 fully owned or joint-venture retail centres throughout New Zealand and employs almost 400 people in both countries.
Nixon said the investment in new buildings in New Zealand and Australia and the addition of major brands such as Deutz-Fahr and McHale signalled the group's determination to increase its position as a key player in the sector.