PGF backing for Waikato companyRegional Economic Development
A Huntly-based company which produces building panels for house-building will receive a Provincial Growth Fund loan to expand its production.
Metrapanel Ltd will receive a $4.34m loan to expand its production plant at Huntly and establish a new production line at Rotokawa near Taupo.
Metrapanel produces prefabricated particleboard panels for building which can significantly reduce construction times.
“This New Zealand-owned company has been around for nearly 30 years. This investment in its future means it will be able to meet demand for construction materials here and overseas.
“It is estimated that over the next two years, Metrapanel will contribute to around 3000 new homes and 50 jobs in regional New Zealand. This is a significant benefit to home-buyers, workers and local economies,” Shane Jones said.
The expansion would also benefit the timber industry and the environment.
“The panels are made from reconstituted pine, so this is a prime example of a value-added industry. As production increases, it will go from using 3000 cu m a year to 9000 cu m a year. It also helps the environment by using sawmill trimmings and offcuts which would otherwise go to waste.”
Shane Jones said the Provincial Growth Fund was established for these types of regional support.
“This is about supporting an innovative New Zealand company in a region with high unemployment. Metrapanel’s growth will provide jobs and stimulate the local economy by using New Zealand raw products to help build thousands of more affordable homes for Kiwis.”