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Thread: NZ firms moving overseas

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    Unhappy NZ firms moving overseas

    Bad news. Will mean less jobs available and probably higher prices if products now have to be imported. And how far will it go?

    Another major firm considering move overseas
    3:10PM Friday April 27, 2007

    A second major New Zealand company is considering moving its manufacturing overseas, less than 24 hours after Fisher and Paykel said it was axing 350 staff and shifting operations to Thailand.

    Sleepyhead is reviewing whether to move its operations to China or elsewhere and indicated the decision would be taken within 12-months.

    The National Business Review reported earlier today that a shift would take place and that 250 jobs would be lost at the bed manufacturer.

    Mr Turner said: "If conditions don't improve our options will ultimately be the same as for other manufacturers."

    More here .
    Mother Bear

    Try to bloom wherever you are planted.

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    26,000 jobs at risk from tax, dollar, interest
    By KAREN ARNOLD - Sunday Star Times | Sunday, 29 April 2007

    More than 26,000 manufacturing workers could lose their jobs as businesses which rely on export earnings continue to struggle not only against a high dollar, but high interest and tax rates.

    Employers and Manufacturers Association manufacturers division manager Bruce Goldsworthy said export manufacturers processing raw New Zealand products such as timber and wool, or who relied on a high proportion of New Zealand content in their products, would be hardest hit if conditions did not ease.

    Fisher and Paykel announced last week it intends closing its Auckland washing machine plant and relocating to Thailand with the loss of 350 New Zealand jobs.

    Managing director John Bongard blamed the deteriorating manufacturing environment for forcing the move.

    On Thursday, the Reserve Bank lifted the official cash rate by a quarter of a percentage point to 7.75 per cent and banks moved floating rates above 10 per cent. The Kiwi dollar softened slightly, but remains above 74 US cents.

    Goldsworthy said although 10 per cent of New Zealand's 260,000 strong manufacturing workforce might be at risk, not all manufacturers were facing tough times.

    More here .
    Mother Bear

    Try to bloom wherever you are planted.

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