Odlin continues to diversify

Press, Volume CX, Issue 32460, 21 November 1970, Page 20

Odlin continues to diversify

C. and A. Odlin Timber and Hardware Company, Ltd, is continuing its diversification, the chairman (Mr H. Hill) told the annual meeting. He gave details of two new developments.

He said: “We have approved a scheme involving the development of a considerable acreage of our West Coast freehold land in a substantial farming programme. “This land is adjacent to Lake Brunner, and these operations will be fully complementary with our forest programme, which is moving steadily forward in the same area. “We have also provided to move into the log export trade. To this end we have entered into an agreement with Farnham Forests, Ltd, to log their substantial forest holding at the Bay of Many Coves, near Picton. “Some 50-60,000,000 feet of first class radiata pins is involved: the plantation was established in the thirties. Mr Hill said: “diversification in itself offers no advantage if it merely enable profitable operations to cover up unprofitable ones, but in, our case I am pleased to report

that all our subsidiaries are trading profitably. "Moreover we are benefitting from modernisation and development of our various establishments which is assisting us in the all-important task of maintaining turnover. “For the first four months of our new financial year, group sales show an increase of 10.5 per cent over the same period last year,” Mr Hill said. Mr Hill also reviewed the company’s history, and said that Odlins might be regarded as being in its seventieth year. There were ideas suitably to celebrate this seventieth anniversary, he said.