Group given flax option
• The Cabinet yesterday ! agreed to give a Canterbury group an option on the Linen Flax Corporation, which has a factory at Geraldine, according to thePress Association. The Prime Minister (Mr Muldoon) said at a press conference last evening that he understood the group was interested in leasing or] buying the corporation. In September a story ini “The Press” reported that a] Canterbury group was exam- [ ining the possibility of taking | over the corporation. It was stated then that the! Government was no longer ] prepared to invest in the industry, which had not been!
■ very profitable. It felt trial private enterprise offered th, best possibility of making i| economic. A member of the grouf [ that has been looking intc the industry since July sai( last evening that a proposii tion had been put up to th< Development Finance Con poration to lease the factor, [for two to five years. It 'would have the right of pur (chase and the Government’! i response to this wai (awaited. > The Geraldine factory is [ the sole survivor of an in(dustry that was established (during World War II when [Britain’s continental source: [of flax were cut off. At onf i stage there were 17 factories
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Press, 21 December 1976, Page 6
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203Group given flax option Press, 21 December 1976, Page 6
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