AWA Link with Allied Industries

AWA LINK WITH NEW ZEALAND TV

Agreement Announced by Allied Ind.

AUCKLAND, August 10, 1960

Australia’s leading radio and television company, Amalgamated Wireless (Australasia), Ltd., is to join with a New Zealand company in manufacturing television and radio receivers in Auckland. AWA will acquire a 27 percent, interest in Allied Industries, Ltd., owned by three Auckland manufacturing companies;  Alex Harvey and Sons Ltd., Mason and Porter Ltd., and Fisher and Paykel Industries Ltd.

Under the agreement, the New Zealand companies will retain 73 percent, of the equity capital. The chairman of Allied Industries, Ltd. (Mr. Maurice Paykel) announced the agreement with AWA today. Mr. Paykel said that Allied’s capital would be increased from £l00,000 to £200,000.

AWA, Alex Harvey, and Fisher, and Paykel would each hold 27 percent, of the total capital. Mason and Porter would hold 19 percent. Sir Lionel Hooke, of Sydney, managing director of the AWA group, and Mr. Lisle Aiderton, former New Zealand High Commissioner in Australia, were appointed to the board of AWA recently.

Press 11 Aug 1960, Page 20

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