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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 6870w PACIFIC DUNLOP LTD 19th March 1998 PACIFIC DUNLOP ANNOUNCES REVIEW OF GNB Pacific Dunlop Limited said today it had appointed J P Morgan and Co and Zilkha & Co as advisers to assist in evaluating options for the future of its GNB Technologies business. Mr Chadwick said GNB Technologies had excellent brands and proprietary technology which Pacific Dunlop believed could achieve fuller value in the hands of another organisation, and this option was now being actively pursued. He said GNB represented a significant opportunity in the North American automotive battery industry, and its industrial battery business has good global growth propects. GNB, which was purchased by Pacific Dunlop in 1987 and which is headquartered in Atlanta, U.S., is one of the world's largest manufacters of automotive and industrial batteries with annual sales of A$1.2 billion. It manufactures batteries under the Champion, Marshall, Absolyte, Marathon and Sprinter brands in 18 plants in the USA, Australia and New Zealand. In announcing the decision, the Managing Director of Pacific Dunlop, Mr Rod Chadwick said: "This initiative follows the recently announced sale of part of the Cables Group, closure of the Geebung cable factory in Brisbane, restructuring of Pacific Brands and further investment foreshadowed by Ansell. "We are also strengthening the focus of all operations to greater innovation which gives us product or market leadership and strong international competitiveness. This will mean increased investment in product development, increased capital allocation to higher performing businesses, increased accountability and more active portfolio management. "These objectives will be better served by a reduced spread of businesses and consolidation of manufacturing into fewer, more strategically located facilities with greater automation and better volume-based economies of scale." Mr Chadwick said the appointment announced earlier this month of Dr John Eady as Executive General Manager, Manufacturing, was specifically designed to facilitate this process, which is expected to deliver substantial profit improvement. Mr Chadwick confirmed Ansell International was seen as Pacific Dunlop's major source of profit growth in the immediate and longer term. "This technology-driven business of Australian origin has sound growth prospects still ahead of it in existing and untapped markets," he said. "Pacific Dunlop is committed to the growth of Ansell as a truly global business with world leadership in latex and protective products." Mr Chadwick said Pacific Dunlop's restructured Energy and Construction cable businesses, South Pacific Tyres, Pacific Distribution and Pacific Brands Groups were also focusing on measures to improve their performance. "Each has strong market and brand leadership positions, which give them good growth and profit improvement capacity domestically and regionally, notwithstanding the present subdued economic conditions in some of their markets," he said. "Although these conditions may continue to hamper performance, we are confident of the improvement which this range of initiatives will bring beyond the pre sent financial year. "In summary, I believe this series of initiatives, including the decision on GNB, will ultimately be seen to mark the beginning of a new phase for the Company." For further information: John Hine General Manager Corporate Affairs Pacific Dunlop Limited (03) 9270 7140 (0412) 254 952 END MSCDXGBXBBBCCII
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