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

 

Skellerup buys Auckland foam firm for $6.5 million


By Paul McBeth

April 29 (BusinessDesk) - Skellerup Holdings has bought Auckland-based Nexus Foams for about $6.5 million, which it says will immediately boost the group's earnings.

The deal is expected to close tomorrow, with Skellerup acquiring the Nexus business and assets. Nexus was founded more than 20 years ago by engineer Nick Davenport, whose family interests own the company. It develops high-performance foam and soft material components.

Skellerup executive director David Mair said the Nexus acquisition will complement the company's Ultralon foam range, used in marine, sporting and orthotic products, and be immediately earnings accretive.

"Nexus has a leading market position supplying custom foam products for health, electronics, appliance, construction and comfort applications. Nexus has long established relationships with key international customers and suppliers," he said.

Skellerup's foam products fall under its industrial division and were noted as boosting sales into the international marine leisure boat market in the six months ended Dec. 31. Skellerup's industrial division lifted sales 6 percent to $78 million in that period.

The company's shares rose 0.9 percent to $2.20 in early trading, and have gained 8.9 percent so far this year.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Up 0.5% In June Quarter: Services Lead GDP Growth

“Service industries, which represent about two-thirds of the economy, were the main contributor to GDP growth in the quarter, rising 0.7 percent off the back of a subdued result in the March 2019 quarter.” More>>

ALSO:

Pickers: Letter To Immigration Minister From Early Harvesting Growers

A group of horticultural growers are frustrated by many months of inaction by the Minister who has failed to announce additional immigrant workers from overseas will be allowed into New Zealand to assist with harvesting early stage crops such as asparagus and strawberries. More>>

ALSO:

Non-Giant Fossil Disoveries: Scientists Discover One Of World’s Oldest Bird Species

At 62 million-years-old, the newly-discovered Protodontopteryx ruthae, is one of the oldest named bird species in the world. It lived in New Zealand soon after the dinosaurs died out. More>>

Rural Employers Keen, Migrants Iffy: Employment Visa Changes Announced

“We are committed to ensuring that businesses are able to get the workers they need to fill critical skills shortages, while encouraging employers and regions to work together on long term workforce planning including supporting New Zealanders with the training they need to fill the gaps,” says Iain Lees-Galloway. More>>

ALSO:

Marsden Pipeline Rupture: Report Calls For Supply Improvements, Backs Digger Blame

The report makes several recommendations on how the sector can better prevent, prepare for, respond to, and recover from an incident. In particular, we consider it essential that government and industry work together to put in place and regularly practise sector-wide response plans, to improve the response to any future incident… More>>

ALSO: