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

 


Nufarm to review NZ, take A$39M charge on Aussie shakeout

Nufarm to take A$39M charge on Aussie restructure; reviewing NZ

March 18 (BusinessDesk) - Nufarm, the agricultural chemicals manufacturer, will take an A$39 million charge against this year’s results to close plants, service centres and back office functions to bolster returns.

The company, which makes herbicides and pesticides, plans to close manufacturing plants at Welshpool in Western Australia and Lytton in Queensland. It will also close six facilities in a reorganisation of its network of regional service centres and warehouses, cut jobs in support and administration, and move to a new management structure, managing director Doug Rathbone said in a statement.

“This is about improving the business and more effectively meeting the needs of our customers with an efficient and cost-effective structure,” Rathbone said.

The company is also reviewing its manufacturing operations in New Zealand and will discuss its preliminary conclusions with staff over coming weeks “as part of a consultation process.” It gave no details.

Rathbone said Nufarm “is strongly committed” to the New Zealand market.

The changes will be made over the next two years. Of the A$39 million booked in the current year, A$28 million would be a non-cash impact, the company said. Cost savings from the reorganisation are expected to be A$13 million a year.

Shares of Nufarm last traded at A$3.90 on the ASX and have fallen about 20 percent in the past year while the S&P/ASX 200 Index climbed 6 percent.

The shares are rated ‘hold’ based on the consensus of 12 analysts polled by Reuters, with a median price target of A$4.80.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news