Sharechat Logo

FPA sells Australian site as production moves offshore

Monday 4th October 2010

Text too small?

Whiteware goods maker Fisher & Paykel Appliances Holdings sold the majority of its Cleveland manufacturing site in Australia following the relocation of its refrigeration factory to Thailand.

With the exception for a small parcel of land, the site was sold unconditionally for A$21.5 million, with the proceeds used to reduce bank debt, Fisher & Paykel said in a statement today.

Under the arrangement the company will lease back a portion of the facilities to house its Queensland sales team and warehouse operations.

The sales is part of Fisher & Paykel's global manufacturing strategy launched two years ago, which has seen the company increasingly shift its operations offshore to low cost production centres.

Previously operations in Dunedin were relocated to Thailand, Mexico and Italy. Shares rose 1.3% on Friday to $1.58.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Haier reaches 90% of F&P Appliances, will move to acquire rest
Haier gets OIO approval for F and P Appliances takeover
Haier sweetens bid for F and P Appliances to bottom end of range
F and P Appliances halted pending announcement
Haier bid for F&P Appliances too low for AMP Capital
F&P Appliances climbs to just above Haier offer after valuation
F&P Appliances worth $1.28-$1.57 a share; Haier offer 'not compelling'
Fisher & Paykel Appliances
F and P Finance credit rating may be raised by S&P on Haier's offer
F and P Appliances set to jump to $1.20 offer price with Haier