Cavalier Corp sells Auckland site for $24m

Thu, 03 Sep 2020

Listed carpet manufacturer Cavalier Corp. said it had entered into a sale and leaseback agreement for its South Auckland manufacturing site to Kinleith Land and Infrastructure Ltd for $24 million. The sale agreement, which is still to be ratified by Cavalier shareholders, is aimed at generating funds to help Cavalier further pursue its wool and natural fibre strategy. The firm continues to review options for the sale of its other two sites, spinning plants in Napier and Whanganui.Chair George Adams said the firm was "fortunate to have...

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