Mayor welcomes local investment
Mayor David Ogden has applauded paint manufacturer Dulux?s announcement that it plans to invest $28m modernising its factory in Gracefield. ?Dulux has been part of our community for 70 years and a significant employer of local people,? Mr Ogden said. The company will invest $16m to rebuild and expand its water-based paint manufacturing operation, with a focus on automation and monitoring at its existing onsite water treatment plant. ?The decision of Dulux to reinvest in Hutt City strengthens our reputation for manufacturing and confirms this is a great place to invest, ? said Mr Ogden. In the present challenging economic times, the Dulux investment, along with other examples such as Flight Group moving to the old Griffins site, is helping build confidence that Hutt City has a positive future, he says. ??They all have an important role to play in helping to drive economic growth which will enable Hutt City to emerge quickly from the recession. ??Today?s announcement is wonderful news,? Mayor Ogden said. Construction will started next month and continue until mid-2011. In another boost to the local region, rating agency Standard and Poor?s has reaffirmed Hutt City Council?s AA credit rating. In its report, the agency lists Hutt City?s key strengths as being low debt levels, solid cash operating balances, and limited exposure to risks associated with Council Control Trading Organisation ownership. The report goes on to note council?s ?track record of prudent financial management?. Mr Ogden says the rating is a strong endorsement of the financial strategy the council has followed in recent years. ?The council has worked very hard to get the balance right between keeping rates and debt levels down and continuing to invest in services and infrastructure. ?This rating confirms we are on the right track,? he said.
