LAND SALES CONFIRMED
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Fisher & Paykel Appliances Holdings Limited (FPA) | 12:03 pm, Monday 17 November 2008 | FPA | 1.360 |
 0.010 |
(+0.74%) |
Fisher & Paykel Appliances Holdings Limited
FPA Stock Exchange Release ASX/NZX 17 November 2008
LAND SALES CONFIRMED
Fisher & Paykel Appliances today confirmed the sale of its Range & Dishwasher facility in Mosgiel, New Zealand to Fonterra Co-operative Group. The Sale Agreement between the two parties went unconditional late last week. Under the Agreement Fisher & Paykel Appliances will lease the property back until 30 June 2009 to allow the site to be vacated following the shut down of production in April. The plant, currently situated in Mosgiel, will be relocated overseas as part of Appliances’ Global Manufacturing Strategy, as previously announced.
The new Customer Care Centre, together with the Dunedin based Engineering Development team will be relocated in a yet to be determined facility close to Dunedin city.
The Fisher & Paykel Production Machinery Limited building situated in East Tamaki, Auckland has been sold under a sale and lease back arrangement. This sale, together with the Mosgiel sale, and the previously announced sale of the vacant land at the back of East Tamaki site will generate proceeds of approximately $34.7 million, after costs, in the second half of the current fiscal year. A gain on sale of approximately $9.4 million before tax (approximately $8.5 million after tax) will be realized from the transactions.
The Refrigeration site in Cleveland, Australia is actively being marketed.
Paul Brockett
Vice President Investor Relations
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