By NZPA
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Tuesday 23rd October 2007 |
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Levin-based Levana Textiles makes fabrics for garment manufacturers in New Zealand, Australia and other countries. The price and other details of the sale were confidential.
"Although Levana has been owned by the Hellaby group for many years, it is not considered to be part of Hellaby's core activities; and the decision to sell the business is in line with Hellaby's recently announced strategy of retaining and building on investments in more clearly defined portfolio groupings," Hellaby chief executive John Williamson said.
Hellaby, whose assets include materials handling, industrial and retail businesses in New Zealand, sank to a $9.8 million net loss last year from a $23 million profit the previous year.
The company has not ruled out selling loss-making retailer BBQ Factory, and tried unsuccessfully to sell its shoe retailing business, which includes No 1 Shoe Warehouse and Hannahs.
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