By Phil Boeyen, ShareChat Business News Editor
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Monday 6th August 2001 |
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MD David Houldsworth says the company has sold the business and trading assets of its manufacturing and distribution subsidiary Expozay International. The sale will be effective the end of September.
"Because of the existence of a confidentiality agreement we are not able to disclose the consideration or identity of the purchaser at this stage.
"However, the purchaser has confirmed that it intends to continue with the distribution of the Expozay ranges of swimwear and other products in the New Zealand and Australian markets."
Hellaby says its Expozay is business is one of its smaller subsidiaries with turnover $3.2 million last year out of the total group turnover of $256 million.
The company predicts the sale will have a positive impact on group profit in the current and future years.
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