F&P appoints independent adviser
Fisher and Paykel Appliances has appointed Grant Samuel to prepare the independent adviser report on Haier's planned takeover.
Chinese whiteware manufacturer Haier is planning a full takeover offer of the local appliance maker, at $1.20 per share for the 80 per cent stake it does not already own.
F&P Appliance directors said the Takeovers Panel had approved Grant Samuel's appointment and that its target company statement would be released within 14 days of Haier sending its offer documents to shareholders.
They advised shareholders wait for the report before taking any action.
Haier's bid has revealed that F&P Appliances already planned to move a quarter of its production overseas.
A spokesman for Haier yesterday promised no jobs would go "as a direct result of the proposed offer", but manufacturing work is still likely to move overseas.
A strategic plan given to the NZX showed the Kiwi whiteware maker is already planning to shift another 25 per cent of its manufacturing to 'low-cost- labour countries' such as Mexico and Thailand.
That would take the overall percentage of 'low-cost labour' production to 85 per cent, indicating some of the 1100 Kiwi employees among the company's 3300 staff would lose their jobs.
F&P Appliances has about 950 employees at its Auckland plant producing refrigeration components, and 150 in its Dunedin-based research-and- development centre.
It announced in July that 29 jobs from the Auckland factory would go to Thailand.
The manufacturing information has come out after Haier requested F&P Appliances' internal five-year strategic plan during its consideration of the takeover offer.
F&P has now distributed the plan more widely to ensure all shareholders have access to the information.
The report showed the company's global manufacturing review was ongoing and included plans for 85 per cent of F&P Appliances' manufacturing to be done in low-cost countries, up from the current level of 60 per cent.
Potential production changes included shifting all new refrigeration, laundry and Dish Drawer making to Thailand and all cooking product production to Mexico.
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