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

 


Proposed sale of Summit Wool Spinners Oamaru plant

Below is a media release on behalf of Summit Wool Spinners.

Proposed sale of Summit Wool Spinners Oamaru plant and business to Canterbury Spinners

Summit Wool Spinners Ltd, (owned by Sumitomo Corporation of Japan) has entered into a conditional sale and purchase agreement for the Oamaru plant and business with Canterbury Spinners Ltd, a subsidiary of the carpet manufacturer Godfrey Hirst New Zealand Ltd. The sale is subject to consultation with employees and their unions.

“Sumitomo has made a decision to sell Summit. This was driven by a number of factors affecting trading results including an unfavourable exchange rate and less local demand for wool carpets. International demand for woollen carpet yarn has also been affected by the Global Financial Crisis,” said the managing director of Summit, Mr Harry Ogawa.

“From Sumitomo Corporation’s perspective, Summit was becoming isolated from the parent’s overall global textile business.

“Summit employs loyal and skilled people and produces top quality yarn. Unfortunately demand for good wool yarn to be used in carpet and rugs have fallen resulting in a difficult trading time,” he said.

The acquisition is targeted for the end of February 2013.

A consultation process will now be undertaken with employees and their unions.

ENDS

About Summit Wool Spinners http://www.summitwool.co.nz/
Summit Wool Spinners Ltd is New Zealand's largest independent spinner supplying top quality carpet and rug yarn for both domestic and international markets. Sumitomo Corporate has owned Summit since 1992 and is one of Japan’s largest listed companies. Established in 1919 Sumitomo has offices in 65 countries employing approx. 72,000 worldwide. (as of March 31 2012).


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news