Tuesday, October 29, 2013

Transpacific selling off NZ arm

Business

Debt burdened trans-Tasman waste collector Transpacific industries is looking to offload its New Zealand operations as it seeks to rebuild a sustainable company after a debt-fuelled acquisition splurge in the latter part of the last decade.

Recently the group sold its motor vehicle distribution business, and today put its New Zealand arm on the block.

The new assets for sale have a forecast gross profit - earnings before interest, tax, depreciation and amortisation - of a forecast $110 million for the year to June, 2014.

Transpacific said the funds raised would be used to reduce debt as well as allow it to pursue growth opportunities.

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The company also said it has restructured part of its debt portfolio which will result in savings of an estimated $30 million this financial year.

Addressing shareholders at today's annual general meeting, the chairman, Mr Martin Hudson told shareholders that trading conditions so far this financial year have shown no improvement from the tough trading conditions experienced in the second half of the financial year to June.


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