Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Carpet Manufacturer Looks To Feltex Merger Talks

28 June 2005
News Release

Australasia’s Leading Carpet Manufacturer Looks To Feltex Merger Talks

Godfrey Hirst Australia Pty Limited (“Godfrey Hirst”) today announced that it has acquired a shareholding of approximately 5.78% in Feltex Carpets Limited (“Feltex”) through on-market purchases of shares over the last few days, and during a market stand this morning, which is still being executed. Consequently the shareholding is expected to increase during the day.

Godfrey Hirst Finance Director, Jim Walsh said that following the acquisition of this shareholding, Godfrey Hirst would look to enter into discussions with the Feltex Board about a possible merger of the two companies.

“We believe that a merger between Godfrey Hirst and Feltex could have benefits for shareholders of both companies. However, this is the first step in what will be a long, considered process for us.

“Given the current serious difficulties Feltex is facing, any merger would be subject to the receipt of further information on the current financial and operating status of Feltex and also subject to any regulatory consents that may be required,” he said.

Walsh said Godfrey Hirst does not intend, at this time, making an Offer under the Takeovers Code for the remaining shares of Feltex that it does not already own.

Godfrey Hirst is a privately owned, fully integrated carpet manufacturer in Australia. Together with its sister company, Godfrey Hirst New Zealand Limited, it is Australasia’s leading manufacturer of high quality carpet in both the residential and commercial carpet sectors.

The McKendrick family, originally from New Zealand, purchased Godfrey Hirst in 1966 and still own the company today.

The Godfrey Hirst Group exports product throughout Asia, Europe and America.

- ends -

More information about the Godfrey Hirst Group and its operations can be found at www.godfreyhirst.com and www.godfreyhirst.co.nz

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news