Commercial Mair, Kinnears go ahead

Press, 5 July 1978, Page 18

Commercial Mair, Kinnears go ahead

i Mair and Company, Ltd, and Kinnears, Ltd, the Australian manufacturer of carpet, carpet yarn, twine and rope cordage, will each own 50 per cent of Wadsworth Spinning Company, Ltd, Christchurch, after Kinnears increases its equity from the 24.9 per cent it previously owned. i The capital of Wadsworth: I will be increased from I $BOO,OOO to SI.4M. ! Mr F. W. Heap and his family, who owned 17.5 perl cent of the Wadsworth capi-| tai, have relinquished their: interest. The increase in funds will! enable Wadsworth to finance

i the final stages of its investment programme. This development is a i logical consequence from recent moves which were announced by the chairman (Mr P. F. Polson) at the annual meeting. Wadsworth will now purchase the whole of Hycraft Carpets (N.Z.), Ltd. the Auck! a n d-based carpet manufacturer previously owned 51 per cent by Kinnears, and 49 per cent by Mair. In Mair’s latest annual report shareholders were advised that the Auckland factory of Hycraft was closed to re-establish activi-

ties in premises to be built in Christchurch. But because of the difficult state of the New Zealand carpet industry, the company was unsuccessful in its application for import licences, Mr Polsen said in the half-yearly report three weeks ago. “Our joint venture with [Kinnears of Australia will, in the meantime, be concentrated into the spinning operation in Christchurch. Later, and in more favour- 1 able circumstances, we will reconsider carpet manufacturing,” Mr Polsen said.