The sale of Fisher and Paykel Appliances' manufacturing sites in Mosgiel, East Tamaki and Brisbane appears set to underpin its overseas relocation plans, according to research by brokers ABN Amro Craigs.
The 4.3ha East Tamaki plant has been sold for an undisclosed sum, estimated to be 20%-30% below the $12 million-$15 million list price. The 16.5ha Mosgiel site has a list price of $30 million, with a conditional sale agreement with Fonterra in place.
ABN broker Peter McIntyre said it was understood Appliances' Brisbane plant was also attracting interest.
In April, Appliances cut more than 1000 jobs at its Brisbane, California and Mosgiel plants, with a total of 430 jobs to be lost at Mosgiel by early next year, the result of manufacturing moving to Mexico, Thailand and Italy.
Appliances' management has previously estimated proceeds from the three assets would be $60 million to $70 million.
Mr McIntyre said there had been concern the global financial crisis and weak property market could derail Appliances' sale plans, prompting the need for more costly funding operations, or delaying opening of the overseas plants.
