Ajax purchased

Press, 15 January 1986, Page 28

Ajax purchased

PA Wellington Ajax McPherson’s, Ltd, received the necessary shareholder, Government and statutory approvals and acquired Ajax Fasteners and Ajax Pressings, Australia, on December 31, as planned. It said strong shareholder support was shown by the success of the recent cash issue and the unanimous approval' of the necessary shareholder resolutions put before an extraordinary general meeting in December. Following compliance with the Australian Stock Exchange listing requirements and the successful

placement of scrip with private Australian investors, it was expected that Australian listing of Ajax McPherson’s would be obtained within the next few weeks. All rationalisation and business developments as a result of the acquisitions were proceeding as planned.

Co-ordination of transTasman marketing and manufacturing had already begun under the direction of the new managing director, Mr George Patton.

Plant rationalisation and productivity gain assessments were also being researched with the use of internationally recognised consulting engineers based in the United Kingdom.