ICI doing well

Press, 29 January 1982, Page 8

ICI doing well

PA Wellington Sales in the last December quarter were 22 per cent above the corresponding period for the previous year, the chairman of ICI New Zealand, Ltd (Mr E, W. N. Jackson) told the annual meeting in Wellington yesterday. . "Additionally export sales also rose some 16 per cent over the previous year. This is a most encouraging start to the year which, I hope will continue. Profits for the quarter continue, to reflect the buoyant sales position,” he said. Mr Jackson warned that previous experience of the cyclical nature of business activity suggested that there could be some slackening of demand towards the end of the year. “Much will depend on the Government’s ability to manage the economy so as to dampen down the inflation-

ary pressures without causing a loss of consumer confidence, and of course New Zealand’s ability to maintain and expand export markets for its products.

“If we are to benefit from any future upturn in world economic activity, there will need to be considerable effort devoted by everyone, the Government, employers, and unions to overcome the problems of continuing high inflation.

“The adoption of sensible wage-fixing policies and the encouragement of productivity improvement together with the elimination of serious industrial disruption are essential if we are to avoid dissipating the benefits which should flow from increasing exports.” ■ Earlier, Mr Jackson told shareholders that from about the middle of the year there was a significant increase in the general level of commer-

icial activity, and almost all of the company’s businesses reflected that improvement strongly. “Our trading profit also improved substantially in the second half and the final figure of $15.5 million represented an increase of $2.6 million, or 20 per cent over the previous year,” the chairman said.

Mr Jackson spoke at some length on the problems of winding-down activities at the Fibremakers plant at Wiri. And he commented that since spinning there ceased in December, almost all the employees who were made redundant as a consequence have already found new employment. “Action was taken by the company from August of last year to identify local employment opportunities and to assist our people in finding new jobs and this exercise has been most satisfactory so far,” he said.