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Fisher And Paykel Essay

1315 words - 6 pages

Fisher & Paykel Appliances Holdings Limited
FPA Stock Exchange Release ASX/NZX 17 April 2008

Fisher & Paykel Appliances Announces Global Manufacturing Strategy
Fisher & Paykel Appliances today unveiled its new global manufacturing strategy. As announced earlier today, the Company has acquired land and buildings and a refrigeration manufacturing plant located in Reynosa, Mexico. The new global manufacturing strategy involves shifting three of the Company’s manufacturing facilities to a combination of existing sites in Thailand and Italy and its recently purchased facility in Mexico. Inclusive of the Reynosa acquisition and the new North American DishDrawer line announced late last year, ...view middle of the document...

The decision to relocate the Dunedin facility was taken after consultation with the Engineering, Printing and Manufacturing Union in New Zealand. The relocations will lead to a reduction in the Dunedin based work force of approximately 430 positions. Brisbane based positions will reduce by approximately 310, and a reduction in staff numbers will occur at the DCS operation of approximately 330 positions. Counselling and future employment opportunity guidance will be available to all affected staff. John Bongard, Fisher & Paykel Appliances CEO and Managing Director cited ongoing manufacturing cost escalations, particularly in New Zealand and Australia, as the main reason for relocating production. “We have been faced for many years with an extremely unhelpful exchange rate fuelled by high interest rates. Increasingly complex and costly compliance costs of manufacturing in our home countries have not assisted.” “On top of these factors, free trade agreements with low cost labour countries like China and Thailand have created a playing field we are unable to compete in”, said John.

“All of our competitors globally are currently manufacturing in low-cost labour countries. Our products are innovative and high end, but unless we can reduce some of the cost disparities in the manufacturing process, particularly the cost of labour, we will not be able to continue to provide an adequate return to our shareholders.” The Range and DishDrawer plant located in Mosgiel, Dunedin, will be relocated over three sites commencing early next financial year. The DishDrawer line that currently supplies all non North American markets will be shifted to Thailand. In a move similar to the Auckland Laundry plant last year, DishDrawers will be manufactured In Thailand and exported to New Zealand, Australia and Rest of World markets. This will be located in a new purpose built factory adjacent to the existing Rayong site. The cooking portion of the plant will be relocated to three separate sites, namely Mexico, Thailand and Italy. The financial benefits of the Dunedin shift are expected to be in the vicinity of $14.5 million per annum, at a one off cost of $26.0 million, both at a pre-tax level. Capital expenditure is expected to be in the vicinity $7.8 million. Engineering and Product Development for these products will continue to be based in Dunedin. “Although we are shifting some of our production facilities offshore, our products will continue to be developed in New Zealand by Fisher & Paykel Appliances engineers,” continued John. “We have some 300 engineers in New Zealand continuing the excellent design work that has resulted in world leading, innovative product releases over our long history. We are also sending key New Zealand, Australian and USA personnel to oversee and manage the manufacturing processes in these new facilities, to ensure the highest quality standards are maintained. We still retain a significant presence in New Zealand. Our Auckland based...

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