Waitaki Plan For C.F.M. Merger

Press, Volume CVIII, Issue 31862, 14 December 1968, Page 22

Waitaki Plan For C.F.M. Merger

The main theme of policy by the Waitaki Farmers’ Freezing Company, Ltd, if it succeeded in its bid for the Canterbury Frozen Meat Company, Ltd, would be integration and fuller use of total capacity, said the chairman of Waitaki (Mr D. Malcolm) in a statement released in Wellington yesterday.

This particularly involved penetration of specialised markets, and within this concept the C.F.M. works would still be run with the same executives and with the same staff.

Furthermore, to ensure continuity and to retain the benefit of their experience, Waitaki had advised C.F.M. that it would invite three C.F.M. i directors to join the main board and the other three directors to remain on the C.F.M. board. “Whoever was trying to spread the picture that this

Mr E. J. Neilson, general manager of Waitaki, says that the company has spent $1,074,000 in capital expenditure in the five years to October 1. During the present year capital expenditure is expected to exceed $350,000.

was a take-over fight was doing a great disservice to the industry,” said Mr Malcolm. “It was creating needless unrest among employees, farmers, and some shareholders, all of whom stand to benefit in some degree from the merger and none of whom would suffer.” Staff Retained He said that it was Waitaki’s intention that C.F.M. would carry on under the same name. Staff, including senior executives, would be retained and their rights and privileges would be protected. None would be dismissed as a result of the merger. Mr Malcolm said that proposals had always been that this was to be a merger, not a take-over, in which the economy of New Zealand and all involved would benefit.