Tourism Holdings, Kea form campervan manufacturing JV

By Hannah Lynch

Feb. 21 (BusinessDesk) – Tourism Holdings, the largest provider of holiday rental vehicles in New Zealand and Australia, has formed a joint venture with campervan and motorhome designer and manufacture, Kea, slashing 63 jobs.

Tourism Holdings, whose brands include Maui, Britz, Backpacker and Explore More will undertake a 50/50 partnership with Kea called RV Manufacturing Group LP, it said in a statement to the NZX.

Tourism Holding will make 63 of its 127 Hamilton-based employees redundant when Kea’s Auckland manufacturing plant is relocated to the region. Under the venture Tourism Holdings will also sell its specialist body work business into the JV.

The transaction will see $7.5 million in assets transferred from Christchurch-based Tourism Holdings to the new company. It is not expected to have any negative impact on the firm’s full-year earnings before interest and tax results for the business.

Further details of the transaction will be released in Tourism Holdings first-half results on Feb. 23.

Its shares are currently trading at 60 cents.

(BusinessDesk)

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