Waitaki merger with Borthwick?

Press, 21 February 1986, Page 10

Waitaki merger with Borthwick?

Waitaki NZ Refrigerating, Ltd, and Borthwick and Sons, Ltd, of London, are believed to be holding talks about the future of Borthwick-CWS, Ltd, which runs Borthwick’s four freezing works in New Zealand. An agricultural source told “The Press” yesterday that the two companies, Waitaki and Borthwick’s, were holding merger talks. Borthwick-CWS has four export freezing works in New Zealand — at Longburn, near Palmerston North; Fielding; Waingawa, near Masterton; and Waitara, near New Plymouth. In the North Island, Waitaki owns and runs the Wairoa sheep and beef works, and the big Imlay works at Wanganui. It has seven freezing works in the South Island. Thomas Borthwick and Sons, Ltd, of London, has been in the meat industry for more than 100 years, and finally went public in Britain in 1976. Talks were held between Borthwick’s and the Canterbury Frozen Meat Company, Ltd, in 1980, about CFM’s acquiring Borthwick’s New Zealand interests, but these lapsed. Waitaki has also been in the meat industry for

more than 100 years, being a direct descendant of the New Zealand Refrigerating Company, Ltd, which was formed in August, 1881. New Zealand Refrigerating and Waitaki Industries, Ltd, merged in 1975. The chairman of Waitaki, Mr E. J. Neilson, said he had no comment to make on whether Waitaki was taking over Borthwick’s operations in New Zealand. Any statement on this particular issue should, morally, originate in London, he said.

However, it is believed an announcement by Waitaki and Borthwick’s will be made tomorrow. Mr D. G. Waple, a director and general manager of BorthwickCWS, said last evening he would make no comment on the issue. He was not in a position to speculate, he said. Neither the managing director of Waitaki, Mr Athol Hutton, nor the chief executive of Borthwick-CWS, Mr Robert Baldey, could be contacted last evening.