Wellington Drive Technologies on trading halt pending announcement

Thu, 07 Mar 2013

By Paul McBeth March 8 (BusinessDesk) - Wellington Drive Technologies, the unprofitable manufacturer of energy efficient motors, has requested a trading halt pending an announcement. The irregularly traded shares fell 8.7 percent, or 1.5 cents, to 14 cents yesterday, valuing the Auckland-based company at $11.3 million. The stock has dropped 30 percent in the past 12 months. The manufacturer has embarked on a turnaround plan which has seen it exit ventilation production in Singapore, now outsourced to Ziehl-Abegg, and cut its inventory, sup...

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