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BRIEF-Cavalier Corporation provides strategy and business plan update

Published 03/08/2015, 07:53 am
Updated 03/08/2015, 07:56 am
© Reuters. BRIEF-Cavalier Corporation provides strategy and business plan update

Aug 3 (Reuters) - Cavalier Corporation Ltd CAV.NZ :

* Entered non-binding agreement to sell assets of Australian carpet tilemanufacturer, ontera modular carpets, to milliken & company

* A proposal for the restructure of our New Zealand based support functions was issued to our employees last week

* Announces outsourcing of Australian broadloom carpet logistics

* It is anticipated that the restructure will result in reduction of around 20 full time positions if the proposal is confirmed

* "Sale of tile manufacturing business and Sydney premises will reduce debt further in the coming months"

* Outsourcing of Australian broadloom carpet logistics will increase reduce costs, while paving the way for the sale of Sydney premises

* "Impact of write down of assets is likely to be in the $20M - $23M tax-paid range"

* Net bank debt has reduced by NZ$6.0M in the six months to June

* Source text for Eikon ID:nNZS84ya

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