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Scott Technology is undertaking a strategic review of its ownership structure.
In a note to the NZX yesterday, the company said it had engaged Macquarie Capital as financial adviser to assist with the review.
That followed discussions with Scott’s majority shareholder, food giant JBS, which owns 53.05% of the Scott shares. The review was being done with a view to “exploring options to maximise value for all shareholders”, the note said.
It was expected to take several months and there was no certainty that any transaction would result.
No decisions would be made regarding any potential transaction or other outcome until the completion of the process.
Scott is behind some of the world’s leading automation and robotics technology, working with multinational companies ranging from Rio Tinto to Bosch.
Last year’s full-year financial results showed an 8% increase in revenue and a 14% increase in ebitda to $24million.
Last month, an update from the company said it had continued its momentum in the third quarter following strong H1 FY23 results.
It continued to build a solid pipeline of new contracts as global demand for automation continued to accelerate in response to labour challenges.
It recently secured its first contract to supply an automated modular mining solution, worth $12million, to Mineral Resource Ltd. The deal signalled the commercial launch of Scott’s modular mining product.
Following exposure at the International Production and Processing Expo in Atlanta earlier in the year, interest in the poultry-trussing technology from the United States market had been “exceptional”.
A fit-for-purpose manufacturing centre was being set up in Christchurch to increase manufacturing capacity to meet demand.
Established more than 100 years ago, Scott has design and build operations across New Zealand, Australia, China, Europe and the US.
Dunedin continues to be the head office and is also the centre of excellence for its meat-processing technology.
sally.rae@odt.co.nz
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