Fisher & Paykel has Year of Record Appliance Sales
May 20, 2006
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Fisher & Paykel Appliances Holdings Limited said today that profits after tax were NZ $63.9 million (approx. U.S. $40.69 million) for the year ended March 31, 2006.
Fisher & Paykel saw record total appliance sales in the year, surpassing NZ $1 billion (approx. U.S. $636 million) for the first time. The company showed record appliance sales in New Zealand, the U.S. and Singapore.
The fiscal year was a turning point for Fisher & Paykel.
On Sept. 28, 2005, Fisher & Paykel chose Clyde, Ohio, U.S. as the new home for its washer production. By March 2006, the washer line in Cleveland, Australia and the motor manufacturing line in Auckland, New Zealand, had been moved and commenced production at the new North American site. The OEM says the move will result in lower working capital requirements and freight savings.
On March 2, 2006, Fisher & Paykel announced an extensive restructuring of its leadership, intending to shift the management focus away from the company's home base in New Zealand to its opening, long-term-growth markets of Europe and North America.
Fisher & Paykel U.S. headquarters moved to Huntington Beach, California.
It commenced distribution of Whirlpool branded products in Singapore.
Strong Offshore Growth
Fisher & Paykel appliance sales grew 5 percent to a record of 1,331,100 units, compared to 1,267,600 units in the previous financial year. These sales reflected strong growth in the company's offshore markets, particularly the U.S., where revenues grew by 58 percent.
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