Kaiser Aetna pulling out?

Press, Volume CXV, Issue 33933, 28 August 1975, Page 18

Kaiser Aetna pulling out?

(N.Z. Press Assn—Copyright) MELBOURNE.

Kaiser Aetna, the United States based firm, is said to be planning to pull out of the Australian property market, with the local subsidiary. Kaiser Aetna Australia, reportedly on the market for sAust24.7m. The decision to withdraw from the local market is reportedly a result of the overseas parent company deciding to reduce its assets to about SUSSOOm. The local subsidiary’s properties were worth about $20.9m in April. The firm was set up in Australia in 1970 as Kaiser Aetna Jennings Proprietary Ltd, an equal partnership between the then A. V. Jennings Industries (Australia), Ltd, and Kaiser Aetna of the United States.

According to “Australian Property News,” Kaiser Aetna Australia’s profit fell from $506,000 to $95,000 in 1974. Battle of words The battle of tvords between Winthrop Investments, Ltd, and Winns, Ltd, increased with Winthrop releasing a letter stating that Winns might lose $Au5t809,556 annually if it acquired the six Mates Stores. It also states that Winns’ share prices would fall if the deal is made and asks how can Winns’ directors make the stores profitable when the eamings of the Winns Group is declining.