Mercer Group pays $1 mln for slice of Titan businesses 3 Jul 2012
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Mercer Group pays $1 mln for slice of Titan businesses
By Hannah Lynch
July 3 (BusinessDesk) - Mercer Group, the stainless steel fabricator, has paid $1 million for a controlling stake in Titan Slicer, which designs and makes equipment to slice meats and cheese.
The Auckland-based company will hold a 75 percent stake in Titan Slicer and 25 percent of Titan Design, it said in a statement. Sean Marr, one of Titan’s owners, will continue to run the businesses.
"Mercer expects this deal will be earnings positive from day one and is currently working on new Mercer budgets for FY13," Rodger Shepherd, chief executive said in a statement.
Mercer paid the $1 million from existing cash flows and Bank of New Zealand facilities. It will also provide further working capital to assist company growth.
The company will provide earnings guidance for 2013 in August when it announces its results.
Mercer stock plunged in 2008, and was further punished when it halted repayments to South Canterbury Finance, when the late Allan Hubbard was a cornerstone shareholder, after breaching its banking covenant.
In August, Shepherd, former deputy chief of Fairfax New Zealand took over the role of chief executive undertaking a strategic review of the business. Since then he has been tasked with turning the previously unprofitable company around.
Its shares last traded at 12 cents and have gained 103 percent this year.
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