Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Fisher & Paykel to Pay U.S. Import Duties
Aug 23, 2005
 Printable format
 Email this Article
 Search

Fisher & Paykel Appliances (F&P) has increased the amount needed to invest in manufacturing facilities in the U.S. because it is being fined with import duties on manufacturing equipment made in New Zealand.

John Bongard, F&P CEO, told shareholders at the company's annual meeting that U.S. $8 million of capital would now be required for facilities to manufacture washing machines in the U.S., instead of the $5 million first thought.

"Since making the announcement, we've learned we're not eligible for a duty exemption on the plant entering the U.S.," Bongard said.

The New Zealand appliance maker designs its own manufacturing equipment and decided to manufacture in the U.S. because of the cost of freight for completed large appliances.

F&P was receiving a tax break in the U.S. market from a new law giving tax credits to makers of energy and water efficient appliances. Reports had estimated a benefit of up to $100 per washing machine, but Bongard said the full impact of the legislation would not be understood until supporting documents were released. The company currently estimated a benefit of $2 million per year for the next 2 years.

According to Bongard, F&P was on course to make a profit similar to last year, although the first half would be down compared to last year. "We reaffirm our previous earnings guidance for the group as being similar to that of last year," he said. (Manawatu Standard)

Back to Daily News

 

Daily News

...........................................................

Sep 18, 2014: AHRI at White House unveils $5 billion refrigerant R&D plan

Sep 18, 2014: Solar microinverter market could break $1 billion by 2018

Sep 18, 2014: Haier will use new liquid blowing agent in large-capacity refrigerators

Sep 18, 2014: DOE requests comments on possible amendments to commercial icemaker energy standard

Sep 18, 2014: U.S. steel production up slightly from last year

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows