NZMC wants name change to EMCO

Press, 10 March 1982, Page 23

NZMC wants name change to EMCO

•New Zealand Motor Corporation, Ltd, proposed to change its name to EMCO Group, Ltd, the chairman of the corporation (Mr L. M. Papps) announced yesterday. EMCO Group, Ltd, would be the company listed on the New Zealand Stock Exchange and would then operate as the group parent company from April 2, Mr Papps said. This move was the culmination of a series of steps beginning with the restructuring move to establish three major trading divisions within the group — motor, engineering, and TV rentals. The present name of the corporation was limited to motor interests and was now inappropriate given the present scope of activities. Accordingly, a change of . name was timely, he said. The old corporation name would not, however, be completely lost. Abbreviated to the initials, “NZMC, Ltd,”' it would be retained as the new name for th? EMCO Group’s

motor subsidiary. The new NZMC, Ltd, would comprise assembly, marketing, retail, and parts and accessories operations. In addition, the trade name “Motorcorp” would be adopted from April 2 by NZMC, Ltd’s, 18 retail branches throughout New Zealand, he said. Mr Papps said these changes would preserve and develop the motor identity which the corporation had so successfully built up during recent years. Shareholder approval of the name change to EMCO Group, Ltd, is being sought at an extraordinary general meeting which will be held in Wellington on Friday, April 2. In a document mailed to shareholders today, Mr Papps explained that the corporation — formed 12 years ago — had, in recent years, pursued policies of diversification which had broadened its earnings base. The directors, had con-

eluded that a restructuring, accompanied by a change of name, would more accurately mirror current trading interests, and create an improved framework for future growth. The directors see the creation of a new holding company with its own separate and distinctive name as an important milestone in the corporate development from a motor-based operation into a more diversified group with wider future opportunities. The three independent companies which make up the group’s engineering divi- , sion will continue to trade under their present names — Domtrac Equipment, Ltd v Hawke Coachwork, Ltd, and Sheetmetals, Ltd. The group’s television and video company, Group Rentals NZ, Ltd, will also go on trading under its existing name as an independent subsidiary within the EMCO Group.