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Name | Symbol | Market | Type |
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Hsbc Bk.22 | LSE:49IA | London | Medium Term Loan |
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RNS No 7208a PACIFIC DUNLOP LIMITED 2nd March 1998 PACIFIC DUNLOP RESTRUCTURES CABLES BUSINESS Pacific Dunlop today announced a major restructing of its Cables Group including the sale of its communications cable businesses and the closure of its building wire plant at Geebung in Brisbane. The communications cables business has been sold to Belden Inc, of the United States, for $26 million. Belden has also entered into the conditional agreement to purchase Pacific Dunlop's 51 per cent interest in Optix Australia Ltd, which manufactures optical fibre. This transaction should be finalised in the near future. The sale, effective from February 28, 1998 covers the Olex optical fibre cable, metallic telephone cable and data cable operations of the Pacific Dunlop Cables Group. Belden is a major manufacturer of high performance communications products for world markets. It plans to use the newly-acquired business to establish an Australian manufacturing base for Asia-Pacific markets and will continue to use the existing Tottenham site in Melbourne. The Managing Director of Pacific Dunlop, Mr Rod Chadwick, said the sale price comfortably exceeded book value. "We made the decision to sell the communications cable businesses late last year as part of a longer term plan to capitalise on the Cables Group's strong market shares and proprietary technology in the more profitable energy and constrution markets in Australia and New Zealand over the coming year", Mr Chadwick said. "The closure of the Geebung plant is part of the same performance improvement plan. Geebung's operations will be transferred to our state-of-the-art facility at Wetherill Park, Sydney, where the cost of production will be significantly lower. The Geebung plant is now more than 30 years old and has found it increasingly difficult to compete. "Both these moves will leave us with a tighter, more focused and profitable domestic cables business, addressing a number of the key issues which led to the Cables Group's severe fall in profit in the first half." Mr Chadwick said in view of the resultant scaling back of the Cables Group, its Managing Director, Mr Ian Campbell, had decided to pursue other opportunities and would be leaving the Company on March 6, 1998. He will be succeeded by Mr Andrew Stobart, Group General Manager, Energy. He also announced the decision of Mr Barry Saunders, Managing Director of Pacific Distribution, to take early retirement. An international search is under way for his successor. Mr Chadwick said that following an extensive internal and external search, Mr David Marginson had been appointed General Manager ALH Electrical. (ALH Electrical forms part of Pacific Distribution.) Mr Marginson had held a number of senior executive positions within Pacific Dunlop, most recently as head of the Strategic Sourcing program. "I would like to acknowledge the commitment and contribution of Mr Campbell and Mr Saunders to the development of both their businesses over a long period", Mr Chadwick said. For further information: John Hine, GM Corporate Affairs, Pacific Dunlop (03) 9270 7140 (0412) 254 952 END DISJBMJBLLMMTAP
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