Mercer says final loss from from Fonterra's collapsed silo is $20m

Chairman John Dennehy

Mercer Group says Fonterra Cooperative Group's final loss from the collapse of a silo it designed and supplied was $20 million.

The company's Mercer Stainless division designed and supplied a silo to TetraPak that collapsed at Fonterra's Edendale factory in September 2016. At the time, Mercer said the loss could be as high as $45 million. It also said it has professional indemnity and public and products liability insurance but that cover would depend on the findings of the investigation and the extent of its liability, if any, as well as the amount of cover and any relevant exclusions.

Mercer said no formal claim has been made by any party against Mercer Stainless to date. "Liability as between relevant parties has not yet been determined and the investigation is continuing," it said.

At one stage today the stock dropped 6 cents to 30 cents, having dipped 5.3 percent so far this year. Mercer's share price later recovered to 36c following today's announcement.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6806 -0.0050 -0.73%
AUD 0.9006 -0.0027 -0.30%
EUR 0.5781 -0.0041 -0.70%
GBP 0.5157 -0.0035 -0.67%
HKD 5.3229 -0.0306 -0.57%
JPY 76.2440 -1.2190 -1.57%

Commods

Commodity Price Change Time
Gold Index 1277.8 -0.310 2017-11-16T00:
Oil Brent 61.3 -0.480 2017-11-16T00:
Oil Nymex 55.1 -0.160 2017-11-16T00:
Silver Index 17.1 0.100 2017-11-16T00:

Indices

Symbol Open High Last %
NASDAQ 6794.7 6797.8 6793.3 -0.15%
DJI 23433.8 23433.8 23458.4 -0.43%