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

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Planes: Jetstar Launches Regional Network

Jetstar, the Qantas Airways budget offshoot, launched its new regional network in New Zealand with special $9 one-way fares and has narrowed down its choices to five routes and four destinations - Nelson, Napier, New Plymouth, and Palmerston North. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news