W. and D. buys into F. A. Willets

Press, 27 February 1980, Page 26

W. and D. buys into F. A. Willets

F. A. Willetts, Ltd, thei Richmond-based contracting firm, has sold a 60 per cent shareholding to:-,Wilkins and" Davies Constru’clipfi/Lid.,);. •••? Mr Fred Willetts] -/the managing.. director'' 'qf Nelson company, said-i-the remaining 40 per cent shareholding would be retained by the present partners in the business.

The agreement is subject to the approval of the Examiner of Commercial, Practices.

“The acquisition of the shares by Wilkins and Davies will strengthen the activities of both companies in the South Island, particularly in the Nelson, and West Coast areas,” said Mr Willetts.

The selling of a 60 per

cent share holding in the Richmond-based firm has been forced on the company by’the state of the economy. “There is a bit more to it than that, though,” said Mr Willetts. "There is a second part to the deal which has not been announced yet.”

Asked if his company had been affected like other contracting firms in New Zealand, Mr 'Willets said this was so.

“It is the small private contractors who are being belted all over the country, and the only way we can survive is to get involved with a larger company,” he said. I F. A. Willetts, was estab-1 lished 25 years ago, and has been in the forefront of' earthmoving and construction around the Nelson provnce in that time.

The firm’s activities in recent years have been extended to other regions. The work handled includes a section of the Maui pipeline, constructio of the upper l

iWaitaki power project, and: more recently the first of the . major Clutha power scheme (contracts — a SI.6M job ! building the Clyde by-pass. ■ I The firm at present has a I staff of 25, but has had a I staff list of up to 45 at the (peak of its activities. I “Although the present i downturn in the economy (could continue to another 12 to 18 months we have faith in the future of the industry, and our part in it,” said Mr Willetts. It was not planned ito move the base of operations from Richmond, he (said. I Mr Willetts 'is an executive members of the- New (Zealand Heavy Haulage | Association, and has been a (New Zealand council member of The Contractors’ Federation for the last four years. He- will continue as general manager of the company. Wilkins and Davies is one of the large civil engineering and construction companies in New Zealand.