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13 DECEMBER 2016 AL CIRCLE

General Cable confirms closure of its New Zealand plant causing a loss of 170 jobs

EDITED BY : HEENA IQBAL 2MINS READ

General Cable Corporation has confirmed that it will shut its New Zealand manufacturing and support operations in 2017, while axing the jobs of 170 employees. The company had announced a proposal to wind down the local unit in November and eventually converted it into a shut down.

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Manufacturing at Christchurch head office site is expected to continue until the end of March 2017, with sales of special products sourced from the international network of General Cable for special projects to continue after the closure.

The 170 employees affected by the closure will receive full redundancy entitlements in line with their employment agreements.

General Cable Holdings New Zealand, the local holding company, reported a loss of $8.5 million on sales of $163.9m in calendar 2015, compared to a loss of $17.4m on revenue of $185.8m in 2014.

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The North American company had already been selling its Asia-Pacific operations. But, in November, the firm said the remaining Chinese, Australian and NZ businesses would be presented as discontinued in the accounts.

The New Zealand operations had produced copper, aluminium and fibre optic cabling for building and infrastructure sector in New Zealand and Australia.

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EDITED BY : HEENA IQBAL 2MINS READ

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