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

 

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