GLASSWORKS SALE
Offers Close Today (N.Z. Press Association) WELLINGTON. Feb. 21. Offers close tomorrow with the receiver (Mr E. D. Wilkinson) of Auckland, for the purchase of the McKendnck Glass Company, of Whangarei. The works were set up under an- agreement made by a previous Minister of Industries and Commerce, Mr P. N Holloway, which provided for the concern making 80 per cent, of New Zealand’s needs of clear window glass in sizes most in demand. It was estimated that the savings of foreign exchange would be around £500,000 a year.
The agreement provided that the works should remain owned and controlled by New Zealand interests and that its glass should cost less than the landed eost of imported glass.
However, it was also provided in the agreement that if within three months of th* making of the agreement. Pilkington Bros, of England, or Australian Consolidated Industries. Ltd.—both glassmakers—came forward to take 49 per cent, of shares in the concern, the director* should agree. Neither approached the McKendnck company during that period.
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Bibliographic details
Press, Volume CII, Issue 30063, 22 February 1963, Page 10
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172GLASSWORKS SALE Press, Volume CII, Issue 30063, 22 February 1963, Page 10
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