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

 

Tubes: Tasman Global Access Cable Goes Live

Spark, Vodafone and Telstra have today announced the Tasman Global Access (TGA) cable is officially in service and ready to carry vast quantities of Internet traffic between New Zealand and the world. More>>

ALSO:

Theresa Does: Brexit Letter Sees NZD Touch Week-High Vs GBP On Brexit

The New Zealand dollar rose to a week-high against the British pound and euro after UK Prime Minister Theresa May officially triggered Britain's exit from the European Union. More>>

ALSO:

Statistics: Business Research And Development Up 29 Percent

Computer services and machinery manufacturing firms led the way in an almost 30 percent lift in business spending on research and development (R&D) in 2016, Stats NZ said today. Businesses spent $1.6 billion on R&D in 2016, up $356 million (29 percent) from 2014. More>>

ALSO:

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news