Godfrey Hirst buys unprofitable Oamaru plant, 192 staff on notice

Thu, 31 Jan 2013

Jan. 31 (BusinessDesk) - Godfrey Hirst, the biggest carpet maker in Australia and New Zealand, has bought Oamaru's unprofitable yarn-spinning plant from Japan's Sumitomo Corp, effectively putting 192 staff on notice as it looks at ways to turn the operation around. The company, which bought the Feltex business out of receivership, was granted Overseas Investment Office approval to buy the assets last month. It is reviewing the wool yarn spinning business to see how best to manage the loss-making plant, Godfrey Hirst said in a statement. Th...

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