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

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

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