Diversified industrial company Scales Corporation is unaffected by the receivership of its parent South Canterbury Finance (SCF), it said yesterday.SCF was placed into receivership today after failing to strike a deal with new investors. The government ha
Diversified industrial company Scales Corporation is unaffected by the receivership of its parent South Canterbury Finance (SCF), it said yesterday.
SCF was placed into receivership today after failing to strike a deal with new investors. The government has stepped in with a $1.6 billion bailout for investors under the crown retail deposit guarantee scheme, and a $175 million loan to settle immediate debts.
Scales, which posted an unaudited $10.1m pretax operating profit for the year ending June 30, was one of the bright spots on SCF's books, along with Helicopters NZ and Dairy Holdings.
The company operates autonomously from the activities of its 79.7% shareholder, and its operations would be unaffected by the receivership, chief executive Andy Borland said.
Scales Corporation operates a shipping logistics business, a petfood ingredients operation, temperature controlled coolstores, industrial parks, bulk liquid storage and processing, insurance, and is New Zealand's largest apple grower and exporter.
It forecast profitable trading from its subsidiaries this financial year.
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