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

 


F&P Appliances on hiring spree after ramping up R&D

Fisher & Paykel Appliances on hiring spree after ramping up R&D

By Jonathan Underhill

Aug. 5 (BusinessDesk) - Fisher & Paykel Appliances, the home-appliance maker acquired by China's Haier in 2012, is seeking some 40 workers for research and development after opening a new design centre at its Auckland headquarters.

The company spent about $5.5 million on the new Auckland facility with another $1.5 million still to be invested, and is spending some $2.5 million to fit out its Dunedin R&D facility. F&P Appliances has hired 80 engineers and designers in the past 18 months. It is now one of Haier's five global 'centres of excellent' for product development in the group.

Haier New Zealand Investment Holding, which holds 80 percent of F&P Appliances, invested $36.3 million on property, plant and equipment in the nine months ended Dec. 31, 2013, and $7.9 million between Aug. 29, 2012 to March 31, 2013, according financial statements lodged with the Companies Office. Its accounts show it had revenue of $777.1 million through the final nine months of 2013. Haier New Zealand incurred research and development expenses of $17.9 million in the 2013 period, and $7.2 million in the 2012 reporting period. The other 20 percent of F&P Appliances is held by another Haier unit.

The Chinese company effectively rescued F&P Appliances in 2009 when it acquired a 20 percent stake as part of a capital raising that let the company refinance its debt. The local manufacturer got distribution into China as a result of the deal and the ability to further licence its technology.

Chairman Keith Turner said Haier has allowed F&P Appliances to remain an 'independent' business within the group.

"They have been hugely supportive of the company and the brand. Very clearly the mandate has remained," said Turner, whose chairmanship dates back to the time when the company was listed on the NZX.

(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