Company News B.A.L.M. PAINTS PLANS

Press, Volume CI, Issue 29782, 27 March 1962, Page 17

Company News B.A.L.M. PAINTS PLANS

Big Expansion Programme

A £250.000 expansion programme which would include new plant st She Mount Wellington factory. would be carried out by Balm Paints over the next two years, Mr E. P. Sanford, operations director of Balm Paints Pty., Ltd.. Melbourne, said in Auckland.

The expansion plans in New Zealand included production of the latest overseas finishes for the rapidly growing automotive assembly ‘Tilde, continued Mr Sanford. It was expected that this would save the country overseas exchange. Mr Sandford said that work was expected to begin on additions to the Mount Wellington factory by August this year. The new plant should be in operation about the middle of next year.

Philips Elect. Profit Down

Net profit of Philips’ Electrical Industries, Netherlands, fell £7 3m. or 18 per cent , to £32.6m, in the year ended December 31, 1961. Sales of the parent company, its subsidiaries and of the United States Philips Trust rose from £ 476.2 m to £493.6m, but trading profit fell from £ 86.2 m to £ 73.1 m. Of the net profit, £lBm (£25.7m last year) will be retained in the business. Dividends are steady at 16 per cent, ordinary and 8 per cent participating preference

Directors recommend a bonus issue in ordinary shares of 5 per cent, to holders of ordinary shares and 1 per cent, to holders of preference shares. The new shares will rank at par for dividend in 1962.

W. R. Carpenter Div. Steady

W. R. Carpenter Holdings. Ltd., Sydney, island trader and investor, is holding dividend at last year’s higher 15 per cent, rate with a H pea’ cent, interim payment. Directors say activities of the subsidiaries and associates was carried on in the same pattern as in previous : years. It applied to activities both in Australia and abroad. Adequate profits were available to contributo the usual dividends to the holding company, they add. The recently acquired Claude Neon Industries was doing much better. Profit for the December half-year was higher than that of the previous corresponding period, directors add.

Pioneer Cone. Take-overs

Pioneer Concrete Services, Ltd.. Sydney, is expanding further with two new takeovers. It will acquire Western Blue Metal Pty., Ltd., Bathurst, at a cost of 138,612 5s ordinary shares at a substantial premium. Directors say a Bathurst ready mixed concrete plant has also been purchased and will operate as Pioneer Concrete (Bathurst) Pty., Ltd. Group operations have been further extended by the leash purchase from E. S. I Clementson (N.S.W.) Pty., I Ltd., of Fyshwick Ready Mixed Concrete Ply., Ltd., and a quarrying and ready mixed concrete plant in the Federal Capital Territory. Trading results for the six months to December 31 were satisfactory. particularly having regard to economic conditions, directors say. Consolidated profit (unstated) was in excess of the corresponding period of 1960, but the one-for-five par issue of last August affected earning rate as this new capital is not yet fully employed.