Fisher and Paykel is a name deeply entrenched within the
history of Dunedin and the surrounding districts. The
company, which made appliances on the Taieri, employed
thousands of local people over decades of production.
Fisher and Paykel Healthcare is at the start of of a 12-month
to 18-month earnings cycle upgrade, partly driven by a strong
acceleration in sales of high margin Obstructive Sleep Apnoea
masks, Craigs Investment Partners broker Greg Easton says.
Control of one of New Zealand's oldest manufacturers looks
set to go offshore, after the board of Fisher and Paykel
Appliances recommended a revised $1.28 a share takeover offer
from the Chinese appliance making giant, Haier.
Chinese group Haier yesterday upped the pressure on Fisher
and Paykel Appliances shareholders, saying they should be
willing to take a significant risk on FPA's future to reject
Haier's takeover offer.
Fisher and Paykel Appliances Holdings Ltd is attributing a
plunge in net profit after tax for the six months to
September to $980,000 - compared with $11.3 million in the
corresponding period last year - to lease and litigation
Fisher & Paykel Appliances' full-year result tomorrow is
expected to be booked at the lower end of guidance, but with
its finance arm underpinning an increased after-tax profit up
35%-40% on the previous year.