Bremworth Limited (NZX: BRW) has provided an update on its mitigation and business continuity plans following Cyclone Gabrielle which impacted its Napier yarn spinning plant in February.
Clean-up is ongoing, with BRW also assessing the damage to buildings, plant and equipment.
The Napier plant is likely to be offline for a significant amount of time, while employees are being paid and are taking part in programmes around well-being, change management and resilience.
The Company has agreed a partial insurance settlement of $20 million plus GST, with further payments pending.
Alternative supply arrangements are being put in place, and their finished goods inventory remains satisfactory enabling them to trade during this challenging period.
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