Jarden stake sale still on

Press, 30 August 1989, Page 38

Jarden stake sale still on

PA Wellington Jarden Morgan’s largest shareholder, NZI Corporation, still plans to sell its 40 per cent stake in the company, although it has put a mediumterm time frame on the sale, Jarden Morgan chairman, Mr Bryan Johnson, told the annual meeting in Wellington.

He said NZI would work in consultation with the Jarden Morgan board when it made a decision to sell.

Mr Johnson said the company was concentrating on core operations and attempting to simplify the business.

Discussions about the sale of metals trader Deak Morgan were continuing with a number of parties. After the meeting Mr Johnson said Jarden Morgan had come close to being an investment company, but the paring back of the company to core activities such as brokerage was still under consideration with subsidiary Jarden Morgan Europe.

Mr Johnson told the meeting it had been proved possible in New Zealand to make profits in a depressed economic environment by cutting staff numbers. Jarden Mor-

gan New Zealand now employed 100 people, compared with a pre-crash staff of 180.

Australian operations had not been cut back as quickly because of the diverse spread of activities, but now faced the same challenge, he said. However, broking staff numbers at Jarden Morgan Australia had been chopped from 240 in March, 1988, to 145 people. While the Australian operation has been disappointing, the Singapore business had shown an exceptional performance.