N.Z.M.C. expands

Press, 23 February 1978, Page 22

N.Z.M.C. expands

The New Zealand Motor Corporation, Ltd, has acquired the Auckland-based Sheetmetals group of four private companies for an undisclosed sum, not involving the issue of N.Z.M.C. shares. N.Z.M.C.’s managing director (Mr R. N. Mason) said that, the acquisition formed part of the corporation’s diversification scheme announced last year by its chairman (Mr L. M. Papps). Mr Mason said that the acquisition would give the N.Z.M.C, comprehensive access to resources and techniques in the sheet metals

field. This was an area of industry in which the corporation was already involved through its vehicle assembly' plants, and through Hawke Coachwork, its coachbuilding subsidiary. The Sheetmetals group. | which has two operating | companies, Sheetmetals. Ltd. I and Newmarket Hardware, ’ Ltd, would have a separate' board of directors, and there : would be no change in I i management. Sheetmetals is a large lignt engineering company, and it was fast outgrowing its pre-: sent leased premises, Mr: Mason said. One of the first tasks ofi the Sheetmetals directors [ would be to find a suitable i new location. Newmarket I Hardware, strongly identi- [ fied with the building and engineering trades, was unlikely to be moved from its present premises. Two advantages for N.Z. M.C. in acquiring the Sheetmetals group w'ere the "ompatibility of the group with the corporation’s operations, and the potential for development of the newly acquired group, Mr Mason said.

Sheetmetals, Ltd. was formed in 1936, and it acquired Newmarket Hardware in the early 19505. The companies have a combined staff of about 100.