Farm improvement company, LIC, has purchased a share of agri-tech company, Tru-Test.
Making the announcement, LIC Chief Executive, Mark Dewdney, said LIC had a long association with Tru-Test through the provision of milk meters and working together on a number of other herd management innovations.
"We believe Tru-Test has a positive future and there are a number of areas where we can work together.
"This investment complements our commitment to agri-tech and farm automation innovations."
LIC has purchased 13% of Trutest, from Salvus Strategic Investments.
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Tru-Test
Formed in 1963, Tru-Test is a privately owned company its shareholding comprising staff plus organisational and private investors. Its annual revenue is around $100 million from the development and supply of agritech electronic and software products. Its main product streams are milk meter design and manufacture, electric and conventional fencing systems, weighing systems and wool harvesting systems.
Tru-Test owns a number of recognised New Zealand brands including Speedrite, PEL, Cyclone and Sunbeam.
Substantial volumes of sales are made offshore to countries including Australia, USA, Mexico and Brazil.
Tru-Test has two principal manufacturing locations – New Zealand and Australia.
For more information contact LIC Communications Manager, Clare Bayly, Ph 07 856 0666/027 4998 862, cbayly@lic.co.nz
