LARRY ELLISON'S COMPANY RESPONDS TO SUBSIDY FURORE

: The wing of Larry Ellison's America's Cup boat, Oracle, on the road from Core Composite Builders in Warkworth to Auckland in 2013. 
 

United States software billionaire Larry Ellison’s New Zealand company has broken its silence on how it came to get up to $17.25 million of Government funding.

In an email to “Politik” a Core Builders Composite company spokesperson, Susan Lake, says she wanted to clear up a few misunderstandings.

She said the company had to received $17.25 million “to date”.

“We have received just over $252, 000,” she said.

Our forecast research and development claim is far less than the capped amount.

“We received the Grant based on our track record of being an innovative composite manufacturing company.

“Our activities have enabled us to establish a high profile as a bespoke composite manufacturer who can assist companies in NZ and overseas in development and problem solving.

“This in turn has enabled us to attract commercial and prototyping work from around the world.

“As has been widely reported, we did have to go through a painful restructure at the end of the last America's Cup cycle.

“This is not uncommon in the Marine Industry where much of the work is project based.

“Subsequent to that we were able to regain a foothold in the market by diversifying into architectural, industrial products as well as finding new export customers for our bespoke marine appendages.

“In this way we have rebuilt our work force.

“Since July 2014 we have added 26 members of staff.

“New hires last year include 2 brand new apprentices who have joined our 3 existing full time apprentices in training through the NZ Marine ITO. Investment in the future of our industry.

“We have had quite a few people ask how we are spending the Grant money.

“To be perfectly honest, that is proprietary.

“But in a global sense we are investing in high value, high tech manufacturing in New Zealand and we are investing to improve our capabilities going forward to ensure that we can remain at the cutting edge through innovation and development.

“We are investing to attract diverse prototyping projects in markets beyond marine and racing yachts to create a more sustainable business beyond this current America's Cup cycle.

“We are investing in developing techniques and products that will enable other innovative New Zealand Companies with the uptake of composites and digital manufacturing by making these more cost effective options.

Such innovative New Zealand projects include the Auckland Sky Path, which we have been fortunate enough to be involved with the design phase and we hope to be a part of the construction (along with other innovative NZ Composite Manufacturers) should it receive Resource Consent.”

This is the Ministry of Business Innovation and Employment statement on the grant.

 

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