At Fisher & Paykel Ltd’s annual meeting, on Monday, reservations were expressed about the New Zealand and United States markets, and also an intention to enter the Australian and Chinese markets.
An 11 percent drop in first quarter sales compared with the same quarter last year indicates market conditions are becoming more demanding.
“The board is increasingly concerned about the risk of further deterioration in economic conditions across our key appliances markets,” said chairman Ralph Waters, according to AAP.
Mr. Waters became chairman of Fisher & Paykel after longstanding family member Gary Paykel stood down last year. Mr. Waters has been on the Fisher & Paykel appliances board since 2001.
At the board meeting Mr. Waters was re-elected to the chairman position, but he told the New Zealand Herald he had agreed to become chairman if there were some succession arrangements in place.
“I’m not un-enjoying it but I didn’t seek to do this,” he said. “This was something that just had to be done for a short period of time and it’s only a temporary task.”
Fisher and Paykel’s margins are up after a successful decision to move manufacturing to low-cost countries like Mexico and Thailand. The subsequent closure of the New Zealand manufacturing plant in Dunedin was influenced by the fact Fisher & Paykel competitors mostly manufacture in low cost labor countries.
Chief executive Stuart Broadhurst said Asian countries, particularly China would be a focus for future revenue.
The New Zealand Herald also reported that chairman Ralph Waters said Fisher & Paykel was now concentrating on product development and putting “significant effort” into growing market share in New Zealand and Australia.
An 11 percent drop in first quarter sales compared with the same quarter last year indicates market conditions are becoming more demanding.
“The board is increasingly concerned about the risk of further deterioration in economic conditions across our key appliances markets,” said chairman Ralph Waters, according to AAP.
Mr. Waters became chairman of Fisher & Paykel after longstanding family member Gary Paykel stood down last year. Mr. Waters has been on the Fisher & Paykel appliances board since 2001.
At the board meeting Mr. Waters was re-elected to the chairman position, but he told the New Zealand Herald he had agreed to become chairman if there were some succession arrangements in place.
“I’m not un-enjoying it but I didn’t seek to do this,” he said. “This was something that just had to be done for a short period of time and it’s only a temporary task.”
Fisher and Paykel’s margins are up after a successful decision to move manufacturing to low-cost countries like Mexico and Thailand. The subsequent closure of the New Zealand manufacturing plant in Dunedin was influenced by the fact Fisher & Paykel competitors mostly manufacture in low cost labor countries.
Chief executive Stuart Broadhurst said Asian countries, particularly China would be a focus for future revenue.
The New Zealand Herald also reported that chairman Ralph Waters said Fisher & Paykel was now concentrating on product development and putting “significant effort” into growing market share in New Zealand and Australia.
