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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

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