New Zealand group seeks approval for Colyer Mair purchase
New Zealand’s Lowe Corporation is seeking Commerce Commission approval to buy the country’s largest semi-processor of leather, Onehunga-based Colyer Mair.
A wholly-ownded subsidiary Shanghai-based Richina Capital Partners, Colyer Mair was created last year as an amalgam of Richina’s New Zealand semi-processed leather operations, since when it has turned in a more than creditable performance. In the year to December 31 2001, a combination of good quality hides and favourable exchange rates resulted in the company contributing the lion's share of Richina group's NZ$4.7 million (US$2 million) net profits and a 27% increase in turnover to NZ$138 million. Speaking at Richina’s Annual General Meeting two weeks ago, Colyer Mair chief executive Stephen Randal told shareholders that the company was experiencing its best agribusiness season of the last 20 years and was trading ahead of budget. However, he also warned the availability of hides was likely to be adversely affected by drought, especially on the east coast of New Zealand’s South Island.
