Corporate welfare is as evil as normal wlefare…it creates bludgers who get use to taking but it is worse for corporate welfare, because those bludging ratbags then inevitably sell the company offshore and the corporate welfare is all gone into the bulging pockets of the former owners.
Chris Keall explains about another corporate bludger who has sold out.
For staff of companies like Navman and The Hyperfactory it’s a familiar story. A hot NZ technology company is sold to offshore buyers, with its founder pledging jobs will stay in New Zealand – only for that promise to melt away as the new owners take control.
The latest casualty is NextWindow, a company whose revenue hit $60 million+ as it supplied touchscreen technology to PC makers like HP, Asus and Lenovo.
The recipient of a $6 million, no-strings government grant is gutting its local office, a source close to the situation tells NBR ONLINE.
Layoffs will see 11 staff left in NextWindow’s Auckland office, which at the time of its 2010 takeover by Canadian company Smart Technologies housed around seven times that number.
Powerbyproxi leases space in the same building. CEO Greg Cross tells NBR his company has already taken over space vacated by NextWindow. Read more »