25 Nov 2014

Business Briefs

1:40 pm on 25 November 2014

Abano Healthcare says it has conditionally sold its orthotics business to private investors. Orthotics are artificial splints that support limbs.

It said the settlement is planned for the end of January following the completion of standard conditions. The company said The Orthotic Centre will be sold at its book value.

The firm's latest annual report said its rehabilitation businesses, which include other operations, have a total asset value of about $12.5 million.

Abano said the proceeds from the sale will be used to reduce debt and will be reinvested into Abano's growth businesses, in particular dental.

Acurity Health takeover delayed

A decision on a take-over of Acurity Health has been delayed.

The Commerce Commission's decision about the deal was expected to be released this week, but is now likely to come out on Friday 12 December. The Commission has requested further information.

Refining New Zealand reaches deal with union

Refining New Zealand said a collective agreement reached with the First Union and Engineering, Printing and Manufacturing Union has been ratified by union members.

It said the collective agreement spans the year ending June 2015.

Shanghai Weiyi to buy Good Health Products

Shanghai Weiyi, which is part-owned by a Chinese food producer, has entered a conditional agreement to purchase New Zealand's Good Health Products.

Good Health Products is a family-owned business and with more than 350 natural health products.

It said it exports its products around the world, including to Hong Kong, Korea and China.

Stock exchange documents say the deal is valued about $23 million.