Skellerup settles $32m quake claim
Skellerup Group is ramping up plans for a new Christchurch manufacturing facility.
It has settled an insurance claim for earthquake damage at its Woolston site.
The settlement, which had a total claim value after deductibles of $32.3 million, included costs that had been incurred and costs still to be incurred, the NZX-listed manufacturing company said.
Skellerup makes agricultural and industrial equipment.
The costs to be incurred included the planned relocation of the agribusiness to the 3.4-hectare Wigram site bought last year, the company said.
At the release of its half-year report last month, Skellerup confirmed the construction of a dairy rubberware facility in Christchurch to replace the quake-damaged Woolston site.
It said building was scheduled to begin this year.
Chief executive David Mair said the company was pleased to have resolved the insurance claim.
"A lot of time and effort went in to concluding the claim process," he said.
"The earthquakes caused damage and ongoing inefficiency to our agri and industrial foam businesses located in Christchurch."
Skellerup had received interim payments from insurers of $10m, leaving $22.3m to be received this month, Mair said.