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Fisher and Paykel

In: Business and Management

Submitted By wichmann
Words 1299
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Fisher & Paykel Appliances Holdings Limited
FPA Stock Exchange Release ASX/NZX 17 April 2008

Fisher & Paykel Appliances Announces Global Manufacturing Strategy
Fisher & Paykel Appliances today unveiled its new global manufacturing strategy. As announced earlier today, the Company has acquired land and buildings and a refrigeration manufacturing plant located in Reynosa, Mexico. The new global manufacturing strategy involves shifting three of the Company’s manufacturing facilities to a combination of existing sites in Thailand and Italy and its recently purchased facility in Mexico. Inclusive of the Reynosa acquisition and the new North American DishDrawer line announced late last year, the financial benefits arising from the new strategy are expected to be in the vicinity of $50 million per annum, at a one off cost of approximately $50 million, both at a pre tax level. Capital expenditure is estimated at approximately $100 million. The cost of the moves will be substantially funded from the sale of what will become surplus property in New Zealand and Australia, which is expected to realise approximately $100 million. Additional savings are also anticipated from the sourcing of components from the respective local vendors. Working capital required for the shifts will be globally neutral. The one off costs of the relocations will be substantially provisioned for in the 2008/09 financial year. The Range & DishDrawer factory in Dunedin, New Zealand, along with the refrigerator plant in Brisbane, Australia and the DCS cooking factory in California, USA will all be relocated over the next 12-18 months. The remaining production facilities in Auckland, New Zealand (Refrigeration and Production Machinery Ltd), Ohio, USA (Laundry) and Borso del Grappa, Italy (Cooking), along with their respective engineering and design teams, are not affected and will continue to...

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