TOURISM HOLDINGS LIMITED
MEDIA RELEASE
24 February 2010
THL is tripling its investment in fleet and facilities for its Australian rentals business during the 2010 calendar year - from the original budget of A$13M to A$40M.
The investment will enable the production of more than 560 vehicles, which will all be on the road before the end of the calendar year.
The Chief Executive Officer, Grant Webster, said the investment reflected both the great work the THL crew has done to position the Australian business for growth and the companys confidence in the Australian economy into the future.
The campervans will be manufactured in the companys New Zealand manufacturing business, Ci Munro, and within Australia. The mix of product between larger and smaller vehicles will be the largest determinant of where the fleet will be produced.
"We have a new range of motorhomes for our Maui brand being launched this year and the increase in investment will allow this new-style fleet to enter operation much earlier than originally expected," Mr Webster said. "The Britz business will also benefit with a new product launch and dedicated new fleet. Our customers will definitely see a real benefit from this investment."
Mr Webster said the opportunity had also been taken to ensure that the timing of the investment maximised the last stage of the Australian stimulus package tax investment allowance for capital expenditure commitments, which expired on 31 December 2009.
"The Australian government stimulus package has been a catalyst for us having additional confidence in making this investment at this time, when world tourism is still in recovery mode."
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