Carter-AHI group changes structure

Press, 20 September 1985, Page 19

Carter-AHI group changes structure

PA Wellington The merged Carter Holt and Alex Harvey company is to have a new name — Carter Holt Harvey, Ltd — but the major trading groups will continue to operate under their existing names. This was announced by the executive chairman of Carter Holt Holdings, Mr R. H. A. Carter. The corporation will be structured into traditional product groups. The corporate structure will be headed by Mr R. H. A. Carter as executive chairman, Mr K. F. L. Carter as managing director and Mr S. D. Pasley as executive director of the holding company, Carter Holt Harvey, Ltd. The AHI group director of operations is Mr W. J. Whineray and the Carter Holt group director of operations, Mr R. J. Scott. The new head office of Carter Holt Harvey is proposed to be AHl’s previous head office at Manukau City in South Auckland. Mr Carter said he is confident that “the natural sense of synergy” between all staff will rapidly draw out the full potential of the new group with none of the negatives commonly associated with take-overs or mergers. Other corporate support

group appointments: general manager, investment, Mr R. E. E. Beguely; general manager, public affairs, Mr C. Dickinson; director of finance, Mr P. R. Erskine; corporate solicitor, Mr R. J. C. Forbes; corporate secretary, Mr N. J. Keen; general manager, marketing and planning, Mr A. J. Marks; general manager, manufacturing and technical, Mr R. J. Nankivell; general manager, treasury, Mr A. M. Sullivan; director of administration, Mr B. C. Wallace; general manager, commercial, Mr B. Wright; general manager accounting and financial control, Mr D. M. Young. Mr R. H. A. Carter said the merged group has preliminary indications of satisfactory results in its first half year. In many respects, it was less affected by the volatility of

currency movements which had particularly concerned exporters over the past few months, he said. All the overseas borrowings , associated with the AHI acquisition had been made at immediate post-float rates of ex- ; change. Repayments this ' month and next March of most of the short-term overseas borrowings would realise considerable gains as a result of management of those loans. • The magnitude of those gains would more than offset any reduced returns from exports which were priced in , foreign currencies, Mr Carter said. i Pulp and timber exports to ' Japan were denominated in New Zealand dollars and were ? not affected by the high rate of 1 the New Zealand dollar. It is expected that a full six- ) month result will be reported 1 on or about November 15.