General Cable closing New Zealand operations
The New Zealand operation had a loss of $8.5 million on sales of $163.9 million last year.
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General Cable Corporation has confirmed the closure of its manufacturing and support operations in Auckland and Christchurch, with the loss of 170 jobs.
The company had set out a proposal to wind down the local unit in November, with consultation now complete.
Manufacturing at Christchurch will continue until the end of March next year, with sales of special products sourced from the international network of General Cable for projects to continue after the closure.
General Cable Holdings New Zealand, the local holding company, reported a loss of $8.5 million on sales of $163.9 million in 2015, compared to a loss of $17.4 million on revenue of $185.8 million in 2014.
It closed its Australian sales office early this year and restructured its New Zealand operation to try to stem the losses. The North American company had been selling its Asia-Pacific operations, but in November said the remaining Chinese, Australian and New Zealand businesses would be presented as discontinued in the accounts.
The New Zealand operations had provided copper, aluminium and fibre optic cabling for building and infrastructure in New Zealand and Australia.
(BusinessDesk)
Edwin Mitson
Tue, 13 Dec 2016
Tue, 13 Dec 2016
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General Cable closing New Zealand operations
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