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


Feltex sale good news – for now

August 1, 2006

Feltex sale good news – for now

Workers at Feltex Carpets are glad they still have jobs – but are worried about their long-term futures, says the union representing the company’s maintenance workers.

Engineering, Printing and Manufacturing Union national secretary Andrew Little said that today’s announcement that Australian company Godfrey Hirst would take over the iconic New Zealand carpet manufacturer was good short-term news, but did not provide any long-term assurances.

“Feltex workers have been through difficult times and have feared that the factories would close in the face of extreme debt,” he said.

“Today’s announcement that the company is being bought has given them some short-term relief, but there is nothing in the statement from Feltex about Godfrey Hirst having a long-term commitment to manufacturing in New Zealand.”

Mr Little said that the Feltex predicament highlighted the EPMU’s concerns about the quality of management in New Zealand.

“Feltex is a good business that has been badly managed,” he said.

“It has good orders and produces great products, but is the victim of some bad management decisions. Unfortunately, it is the workers and shareholders who are paying the price for those decisions.”

Many of the workers have had their take-home pay cut through reduced hours.

Mr Little said that EPMU officials would meet company representatives on Monday to discuss the implications of the sale.


© Scoop Media

Business Headlines | Sci-Tech Headlines


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>>


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>>


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>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news