Methanex Makes NZ$2 Million Investment in Neonatal Unit to Support Taranaki, New Zealand Community

Rhea-AI Summary

Methanex (NASDAQ:MEOH), the largest global supplier of methanol, has pledged NZ$2 million to construct a new neonatal unit at Taranaki Base Hospital, New Zealand. This investment is part of a 10-year initiative aimed at improving care for vulnerable newborns and their families, with the new unit expected to be ready by 2025. Alongside government funding for essential services, the Taranaki Health Foundation aims to raise NZ$25 million for further enhancements to critical hospital services, highlighting Methanex's commitment to the local community and economic support.

Positive

• Investment of NZ$2 million demonstrates commitment to community welfare.
• Supports construction of a new neonatal unit, enhancing healthcare for newborns.
• Strengthens Methanex's reputation in the Taranaki region, where it employs over 200 people.

Negative

• None.

VANCOUVER, British Columbia, Dec. 02, 2022 (GLOBE NEWSWIRE) -- Methanex Corporation (TSX:MX) (NASDAQ:MEOH), the world’s largest producer and supplier of methanol, is pleased to announce it has made a NZ$2 million investment to support the building of the new neonatal unit at Taranaki Base Hospital in New Zealand. The 10-year partnership provides funding for state-of-the-art treatment to care for the most vulnerable newborns and their families. As part of this investment, the new unit will be called The Methanex Neonatal Unit and is expected to be completed in 2025.

“We truly believe in the vision of the Taranaki Health Foundation and the neonatal unit is an area of the hospital that so many of us have had personal experience with, including members of our Methanex New Zealand team,” said Stuart McCall, Managing Director of Methanex New Zealand. “Our operation in New Zealand employs over 200 people and represents almost 10% of the Taranaki economy. Our approach is to look to our region and provide as much assistance as we can to projects that will be most beneficial to Taranaki for decades to come.”

Project Maunga Stage 2 is a $330 million project that includes the construction of a six-storey, state-of-the-art New East Wing Building that will house many of Taranaki Base Hospital's acute clinical services, including the emergency department, intensive care unit (ICU), maternity, neonatal, laboratory and radiology services. While the government is funding the project’s redevelopment and basic vital services, the Taranaki Health Foundation is aiming to raise NZ$25 million for upgrades and enhancements across emergency, ICU, maternity, neonatal, radiography and the new Taranaki Cancer Care Centre.

“This is a tremendous gesture of generosity, and illustrates Methanex’s commitment to our region and the long-term health and wellbeing of our community,” said Adrian Sole, Taranaki Health Foundation general manager. “We want Taranaki to have a fully equipped neonatal department, and we want to make sure every newborn has the best chance of survival. Methanex’s fantastic support will help us achieve that.”

Methanex has three production facilities in Taranaki—two in Motunui and one in the Waitara Valley. Taranaki is a coastal region in New Zealand's North Island. Locally, the region is referred to as the 'Energy Province' due to the significance of the oil, gas and chemical manufacturing industries within the area.

About Methanex Corporation

Methanex Corporation is the world’s largest producer and supplier of methanol to major international markets in Asia Pacific, North America, Europe, and South America. The company’s methanol production sites are located in New Zealand, the United States, Trinidad, Chile, Egypt, and Canada. Methanex is headquartered in Vancouver, Canada, and the company’s common shares trade on the Toronto Stock Exchange under the symbol MX and on the NASDAQ Global Select Market under the symbol MEOH. For more information, please visit www.methanex.com. 

For further information, contact:

Methanex Media Inquiries
Nina Ng
Manager, Global Communications
+1-604-661-2600 or Toll Free: +1-800-661-8851

Methanex Investor Inquiries
Sarah Herriott
Director, Investor Relations
+1-604-661-2600 or Toll Free: +1-800-661-8851

 

FAQ

What is Methanex's recent investment related to?

Methanex recently invested NZ$2 million in building a neonatal unit at Taranaki Base Hospital.

How much funding is needed for the Taranaki Base Hospital project?

The Taranaki Health Foundation aims to raise NZ$25 million for upgrades in addition to government funding.

When is the new neonatal unit expected to be completed?

The new neonatal unit is anticipated to be completed by 2025.

What is Methanex Corporation known for?

Methanex Corporation is the world's largest producer and supplier of methanol.

What impact does Methanex's investment have on the Taranaki region?

The investment supports healthcare improvements and contributes to the local economy, where Methanex employs a significant number of people.