F&P ditches 350 jobs

Fisher & Paykel has announced the closure of it Laundry division in Auckland at a cost of 350 jobs.

They are moving the whole thing lock, stock and barrell (except of course for the over-paid workforce) to Thailand which will return the company between $10 million and $15 million per annum for a one off cost of approx. $25 million. Sound like a good Cost benefit ratio.

That will be why shares rose 19c or 5% on the news.

The unions of course are wailing, but then we did tell them so. 


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