Feltex Carpets has been taken over by Australian carpet manufacturer Godfrey Hirst to avoid its liquidation.
Colin Nicol, Feltex Receiver and Manager, McGrathNicol and Partners, informed that Hirst was the only bidder for Feltax and its buying price was enough to compensate Feltex's current bank debts.
He added that Hirst plans to take over assets and operations of Feltex in Australia, New Zealand and US approximately by November 2006, to avoid Feltex's liquidation.
Godfrey Hirst will employ 85 percent of Feltex's 820 NZ workers, making 123 people jobless mostly in plants located at Kakariki, near Marton, and Christchurch. Hirst will employ all 500 Australian workers belonging to Feltex.
Feltex has suffered losses of $57.65 million this year.
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