F. and P. targets $30M

Press, 28 July 1989, Page 14

F. and P. targets $30M

PA Auckland Fisher and Paykel Industries is working towards achieving a budgeted $3O million trading profit in the present financial year, the company chairman. Dr Colin Maiden, told the annual meeting yesterday. If that were achieved, he said, it would be an increase of $8.67M, or 40 per cent, on the trading profit of $21.3M reported fOr the March, 1989, financial year. Commenting on the new financial year to date. Dr Maiden said the company’s whiteware divisions were performing well. He said the establishment of a warehousing operation in Australia was taking longer than expected and the company’s Panasonic division was continuing to face intense competition in all its markets. Fisher and Paykel’s legal advisers were confident that Helenus Corporation, in which Fisher and Paykel holds a 25 per cent stake, would get Commerce Commission and Overseas Investment Commission approval to buy New Zealand Steel, he said.

He told shareholders Fisher and Paykel, BHP and “two other substantial companies” were shareholders in Helenus. He did not identify the other two shareholders. The managing director, Mr Gary Paykel, said the Fisher and Paykel directors believed N.Z. Steel would continue to be an excellent mid-to-long-term investment, particularly with the support of a strong and successful international steel maker, BHP. He said BHP would bring engineering, technical, millmanagement skills and financial strength to N.Z. Steel, further enhancing its international competitiveness. Fisher and Paykel was near to completing a renewal of its agreement with White Consolidated for the use of the Kelvinator and Frigidaire brand names in New Zealand and overseas, he said. "This agreement is of particular importance to our company, as it provides not only for strong brand competition in New Zealand, but also,access to White Consolidated Industries’ dealers for our export products,” Mr Paykel said.