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

 

Further Expansion Oflower Hutt Spinning Capacity

FURTHER EXPANSION OF
LOWER HUTT CARPET YARN SPINNING CAPACITY

Media Release: 12/11/2003

Feltex Carpets Limited has almost doubled production capacity at its Lower Hutt yarn spinning plant, in a $4 million expansion programme. The new production facility was opened today by the New Zealand Minister for Industry and Regional Development, the Hon Jim Anderton.

The Lower Hutt expansion continues Feltex’s market growth in New Zealand and Australia. It follows an earlier expansion – in 2002 – based on the relocation of spinning equipment from Australia due to the current labour cost advantages and the lower Government taxes on labour in New Zealand compared to Australia. Feltex believes that it is in the interest of continuing employment opportunities for the Government to maintain these current advantages.

The 2002 expansion increased employment opportunities at Lower Hutt, with staff numbers rising by 80 to 220. A further 25 job opportunities will be created with the commissioning of the final production line that is part of the overall expansion.

The Chief Operating Officer of Feltex, Mr John Kokic, said the increased production capacity installed at Lower Hutt was needed to support Feltex’s increasing market share, primarily to the New Zealand and Australian residential and commercial markets, as well as global markets.

Feltex is one of the two largest carpet manufacturers in Australasia. It is the only carpet company in Australasia producing both woven and tufted carpets.

Feltex New Zealand has seven manufacturing sites, the expanded Bell Road (Lower Hutt) site and Dannevirke, Feilding, Kakariki, Foxton, Petone, and Christchurch. The plants operate 24 hours per day, seven days per week. There are approximately 1900 staff employed at the Feltex plants.

Feltex completed a very successful $60 million Bond Issue in 2003, overscribed in 4 days.

There are 2,653 New Zealand bond holders, who subscribed to its public issue of secured bonds . The company has signalled that it will consider issuing equity and seeking listing on the New Zealand Exchange (NZX).

For the year ended 30 June 2003 the company announced a strong recovery in earnings, with a net surplus after income tax of $5.7 million.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>

ALSO:

Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>

ALSO:

Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>

ALSO:

MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>

ALSO:


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>

ALSO:


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>

ALSO:

NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>

ALSO:

Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>

ALSO: