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

 


Tenon to supply Masters Home Improvement stores in Australia

Tenon to supply Masters Home Improvement stores in Australia

By Paul McBeth

July 29 (BusinessDesk) - Tenon, whose locally produced wood mouldings are sold in the US, will expand its business across the Tasman, supplying the Woolworths and Lowe's Home Improvement joint venture Masters Home Improvement stores.

The Taupo-based company has set up a new Empire Mouldings Australia unit to sit alongside its existing business across the Tasman to serve the 49 Masters stores and help the Woolworths-Lowe's venture grow to 150 stores, it said in a statement. The Tenon unit will replicate a similar deal it has with Lowe's in the US. Product will be supplied from Tenon's Taupo and Victoria manufacturing sites.

Tenon is targeting a breakeven result for the unit in the 2015 financial year, with a positive earnings contribution thereafter.

"We are excited by the prospect of growing with Masters, and replicating the successful model we have developed in the US over the past 20 years, as Masters expands its market share in Australia," Tenon chief operating officer Tony Johnston said. "This in an important step in Tenon's market development, demonstrating the potential of our fully integrated manufacturing and full-service distribution business platform to build long-term value for our customers and Tenon."

The shares fell 1.3 percent to $1.52, and have gained 6.2 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news