COMMERCIAL Pye Aust. To State Its Position Soon

Press, Volume CVI, Issue 31306, 28 February 1967, Page 20

COMMERCIAL Pye Aust. To State Its Position Soon

(New Zealand Press Association)

SYDNEY, February 27.

Pye Industries, Ltd., the Australian off-shoot of Pye of Cambridge, recently taken over by the Dutch Philips group, will make a statement soon about its position, says the “Australian Financial Review.”

Pye of Cambridge has a 50 per cent share in Pye Industries and a 65.4 per cent stake in Pye Electronics, Ltd., Auckland.

In Australia—and New Zealand—the Philips offshoots compete directly with the Pye interests in most forms of electrical appliances and electronic equipment Pye of Cambridge is also a substantial shareholder in Electronic Industries, Ltd., which in turn will become an investment of Philips. In New Zealand, Pye of Cambridge is the largest shareholder in Pye Electronics, which was listed a few years back.

Until 1965, Pye of Cambridge had a 76.1 per cent stake in Pye Electronics, though this interest was lowered to 65.4 per cent after a placement of shares by the parent company at prices well below the market value. Among its activities, Pye Electronics in New Zealand has a joint venture with Electronic Industries to manufacture television tubes. With the possible exception of Electronic Industries, the Australian and New Zealand interests of Pye of Cam-

bridge would have been major attractions to Philips in its £st.3o-million take-over offer. Managing director of Pye Industries (Mr P. M. Trelfall) is also a director of Pye Electronics in New Zealand. Also a director of the New Zealand company is Mr G. A. Warner, chairman and managing director of Electronic Industries. Chairman and managing director of the New Zealand company, Mr G. A. Woolier, is a director of Pye Industries but not Electronic Industries.