Fisher and Paykel

Fisher and Paykel Appliances has committed to taking on more staff in its Dunedin product design centre as part of an expansion plan being driven by Chinese owner Haier, the world's largest appliance manufacturer.

Fisher & Paykel Healthcare (FPH) has outperformed its half-year financial expectations and upgraded its full-year profit guidance to about $70 million, a rise of between $3 million and $4 million.

Control of one of New Zealand's most well-known manufacturing companies, Fisher & Paykel Appliances, has passed into the control of Chinese-based Haier.

Haier Group must increase its offer for Fisher and Paykel Appliances shares if it wants shareholders to accept, Forsyth Barr broker Haley Van Leeuwen said yesterday.

Fisher and Paykel Appliances shareholders have a tough decision to make over what to do with their shares as the Chinese Haier Group takeover heats up.

Fisher & Paykel Appliances' independent directors have unanimously recommended that shareholders do not accept Haier's $1.20 a share takeover offer.

The benefits would be limited if a meeting of Fisher and Paykel Appliance shareholders was held to discuss the Haier Group full takeover bid of the whiteware manufacturer, Craigs Investment Partners broker Chris Timms said yesterday.

Fisher and Paykel Appliances shareholders are again being urged by company chairman Keith Turner to wait until they have all information available before deciding on whether or not to accept a takeover offer from Chinese company Haier.

Fisher and Paykel Appliances shareholders could be ready to sell their stake after years of no dividends and a low share price.

The Fisher and Paykel Appliances board is recommending shareholders take no action on the Haier Group takeover offer until an independent report is undertaken.