Steel Tube gets $50M
PA Wellington Wellington-based Steel and Tube Holdings said yesterday it had received about $5O million in cash from the Honda Motor Co., Ltd, of Japan.
This was in settlement of previously announced transactions, including sale of the NZMC motor assembly plant at Nelson and 13 of the Motorcorp branches.
Steel and Tube also said it would be selling more businesses.
Last month the company announced a net loss of $3.8 million for the year ended March 31.
The company said yesterday the $5O million had been used towards repayment of maturing debt and to reduce high interest bearing liabilities.
The directors also announced that, following
intensive consideration and discussion, they have decided “that the ongoing strategy of the group will be to concentrate its activities on its core business of merchandising of metals and related products. To this end, steps will be taken over a period to sell as ongoing business concerns those activities which are not part of such core business.”
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Press, 11 August 1988, Page 28
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166Steel Tube gets $50M Press, 11 August 1988, Page 28
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