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

 


Hart's Rank Group may sell US auto parts businesses: report

Graeme Hart's Rank Group may sell US auto parts businesses, Reuters says

By Tina Morrison

June 27 (BusinessDesk) - Graeme Hart's Rank Group may sell its US auto parts businesses as New Zealand's richest man seeks to reduce debt, Reuters reported, citing people familiar with the matter who asked not to be identified. Auckland-based Rank Group declined to comment to BusinessDesk.

Rank has spoken to investment banks in recent weeks about potentially selling two automotive aftermarket companies, UCI International and FRAM Group Holdings, Reuters said. Rank acquired UCI for US$980 million and FRAM Group for US$950 million in 2011 and the businesses are operated by a common senior management team, Reuters said.

The discussions are at an early stage and no final decision has been made on whether Rank will try to sell both companies, Reuters cited the unidentified people as saying. Falling prices and lower profit margins are leading to consolidation in the highly fragmented car parts aftermarket, Reuters said.

Last month, Reuters reported that Rank Group was also exploring the sale of SIG Combibloc Group that could value the world's second-largest maker of drink cartons at around US$5 billion.

The transactions would help Hart reduce billions of debt accumulated during a series of leveraged buy-outs over the last five years, which gave Hart a commanding global position in the packaging industry. Two months ago, Hart sold out of the pulp, paper and packaging businesses of Carter Holt Harvey, although he continues to own the building products arm of CHH.

Hart is worth about $6.4 billion, according to the 2013 NBR Rich List.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news