U.S. firm to sell its N.Z. holdings

Press, 5 June 1982, Page 18

U.S. firm to sell its N.Z. holdings

PA Whangarei The Dillingham Corporation, of the United States, will sell its holdings in Whangarei Engineering and Construction. Ltd, which has New Zealand’s biggest shipyard. The managing director of the Dillingham Corporation of New Zealand. Ltd (Mr Eric Baxter), said it would be “business as usual" for Whangarei Engineering's 240 staff: the sale was not expected to be completed before 1985. Mr Baxter said the firm was in good heart and had its greatest value ever of secured contracts.

Dillingham New Zealand is the parent firm of Electrix, Ltd. and Dye Industries Consolidated, Ltd. both of Auckland. These firms will also be sold.

The managing director of Whangarei Engineering (Mr John Monk) resigned last week for personal reasons, said Mr Baxter. The resigna-tion-took effect immediately. As well as its shipyard. Whangarei Engineering is a heavy engineering and fabricating company.

The Dillingham Corporation is the sole owner of the Dye Industries. It owns 57 per cent of Whangarei Engineering's shares and 74 per cent of Electrix, Ltd.

In a statement, the Dillingham Corporation said economic conditions and internal competition for resources within the corporation had brought about the redeployment of its New Zealand assets to other areas of its international operations. This was “to provide a better return for its share-

holders." the statement said. Dillingham acquired its shares in both Whangarei Engineering and Electrix in November, 1969, and bought Dye Industries in 1978. Mr Baxter said he and the company secretary. Mr Alan Crowe, would be engaged in Whangarei Engineering’s Whangarei-activities for four davs each week.