More moves by Feltex

Press, 17 July 1980, Page 16

More moves by Feltex

Hard on the news of its taking a substantial shareholding in Henderson and Pollard, Ltd, Feltex New Zealand, Ltd, has announced further moves to considerably strengthen its involvement in furniture manufacturing.

It has purchased Personality Furniture. Ltd, from the Tasman Pulp and Paper Company, Ltd, for an undisclosed cash sum, and. made a cash offer from the 7u percent of shares of the Auckland furniture manufacturer, Airest Industries, Ltd, it does not already own. The offers are subject to the approvals required under the Commerce Act, 1975. Commenting ’ on pie moves, Feltex’s managing director (Mr H. M. Titter) said this was the first visible result of a thorough review of resources and op-

nortunities which the comply had been conducting for more than a year. “We have been |° 0^in 8 hard at activities with good nrofit and export potential which use New Zealand resources, and we. see great opportunities in the more developed utilisation of this s timber, particularly Personality Furniture and seeking to acquire Airest, we will be gaining two major: avenues for exploiting these opportunities by establishing a niche in overseas furniture markets. . “Our successful m volvemenf in woollen yarns and woollen carpets is now matched by a major commitment to the development of new overseas markets for wooden furniture and components,” Mr Titter said. Personality Furniture was the original manufacturer

which very successfully ■ neered the kitset fumitai market in this country now exports to Australi. and the Pacific. "Airest is recognised leading New Zealand min-j. facturer of quality It exports furniture atScomponents worth $1 raiS - a year. “Add these skills ttf. tex’s established strengths fiR furniture manufacture and’export marketing, and it wilt’ be seen why we believe tmh’C are the logical people t 0 $ value to New Zealand UwdS ber by manufacturing and marketing,” Mr Titter sai<t ' Feltex was administer on a decentralised basis member companies enjoy«®B a high decree of autonomy. It was anticipated that Personality and Airest -f*3 tories would continue to;U"! staffed on a similar basis-ija? at present,’ he said. ,