L.W.R. buys interest in meat exporter

Press, 15 November 1977, Page 24

L.W.R. buys interest in meat exporter

I To gam some expertise in ■ areas of export other than textiles, Lane Walker, Rudjkin Industries, Ltd, had (diversified into the meat i exporting business, with the acquisition of a 51 per cent

linterest in Mathias Meats,! I Ltd, Auckland, the chairman! I of L.W.R. (Mr N. H. Rudkin)' told the annual meeting in Christchurch. “The Mathias company is j involved in the marketing! but not the processing of meat, and will not be! subject to the same hazards’ of price fluctuation as the major meat companies,’’ he ] said.

The interest was acquired by L.W.R. in August of this year, and, “although the company was only three years old. it has achieved an export level of about SBM a year.” said Mr Rudkin. The planned plant for the manufacture of garments that the company is not able Ito export under . the N.A.F.T.A. quota system, will be ready to begin manufacturing at Geelong. Vic- ' toria, in early February, 11978.

The factory, which will make womens’ wear exclusively for the Australian market as part of L.W.R.

: Gent. Ltd, will have a staff of about 120. “Although I cannot see us reaching the figure of SI.3M ■ achieved from garment : exports in the year to June 19, a sale last week to Australia of 100,000 pairs of slacks at a value of $410,000 | will go some way towards meeting this figure,” Mr ■Rudkin said. “Another commercial division which has made a ; successful start is selling ! directly to major companies, ■.such as the petroleum companies and the armed i forces. “The land, buildings, plant and stocks of Alford Forest I Mills have been sold to Mos- [ giel, Ltd, for about S2M. “Alford Forest Mills had : traded quite profitably in the recent past, but to continue to do so would have required millions of dollars of ! capital investment, which ] could not be justified by the ] potential profits in the longer term,” said Mr Rudkin. | “Alford Forest Mills, has been a part of Lane Walker ] Rudkin Industries, Ltd, since 1904. and it is with great regret that this move has been made.” The special resolutions put to the meeting were all passed unanimously in- . eluding the one-for-five

bonus issue which will qualify for the interim dividend in March after which it is expected to maintain the present annual rate of 14 per cent. A non-renounceable issue of 50c, 12 per cent specified preference shares will convert to ordinary shares on a one-for-one basis after five years. The directors’ fees „were raised 50 per cent to $19,150, and a final dividend of 8 per cent (4c a share) will be payable on November 15, making an unchanged rate of 14 per cent for the year.