LIC ends year with $30.6m profit
Herd improvement company LIC has ended the 2024-25 financial year in a strong position - debt-free and almost quadrupling its net profit.
Timpack has been operating in Hamilton since 1984 and now has seven sites throughout New Zealand. Their team of 200 quite literally takes business places with production of more than a million items of wooden packaging annually.
The NZ-owned and operated company will retain responsibility for supply and maintenance of Fonterra's pallet requirements for transportation of its goods throughout the nation and across the globe.
"Our relationship with Fonterra dates back to its inception in 2001, and can be traced back to our relationship with its predecessors when our own business was formed 40 years ago," said Timpack managing director Alan Walters.
"We see ourselves as a strategic partner rather than a supplier. To have our contract renewed for another five yuears is welcome news, and a vote in confidence that we're continuing to live up to our promises."
Walters said Timpack has an intimate understanding of the essential role pallets hold within Fonterra's supply chain, and the agility to forecast and respond to seasonal peaks with a reliable supply of pallets.
To meet Fonterra's standards, the business operates with an extensive quality of system which includes a comprehensive risk management regime to ensure that each pallet is fit for purpose before leaving the site.
Fonterra's national pallet manager, Lawrence Hooker, said that after going to market, it was clear Timpack was the right company to partner with based on their proven capability to meet Fonterra's dynamic and globally unique requirements.
"Time and time again they have demonstrated willingness to invest in new technology, plant and equipment to assist in improving the quality and service provided to Fonterra."
Lawrence and Timpack manager, Debra Cowen, communicate daily, planning and forecasting individual Fonterra factory requirements to ensure Fonterra sites nationwide are supplied in a timely and efficient manner.
"Over the years, Timpack has worked with Fonterra to optimise the efficiency of the pallet and bin pool operations, ownership and management."
Walters said the contract was the icing on the cake as Timpack celebrates 40 years in business this year.
Billions of dollars' worth of exports is shipped overseas on pallets each year, and hundreds of businesses spanning many industries including horticulture, dairy, construction, packaging and logistics, rely on Timpack's products.
"We are immensely proud to move the goods that move New Zealand and look forward to the next 40 years in business."
