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TACE to sell HWP

12th June 1970, Page 34
12th June 1970
Page 34
Page 34, 12th June 1970 — TACE to sell HWP
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Keywords : Business / Finance

• HWP Engineering Co Ltd, the trailer manufacturing company wholly owned by Transport and Chemical Engineering Co Ltd, is to be disposed of, TACE shareholders are told in an interim report dated June 2. "Our trailer making company has made a substantial loss ' in the half-year," says Mr J. H. M. Mackenzie, the chairman. This, he reports was due to the acceptance of a substantial contract on terms which resulted in a loss, to which delays and difficulties in obtaining component parts from manufacturers and general economic conditions contributed. "Competition in the trailer manufacturing industry has become more intense since your group entered this field," shareholders are told. Also that "the group's interests would best be served if its remaining interests in the manufacture and repair of commercial vehicle bodies, though profitable, were also disposed of and the proceeds reinvested in companies, the activities of which are in line with the other companies in the group".

TACE is seHing its 80 per cent interests in Yorkshire Engineering and Welding Co Ltd (Yewco tanker builders) and Northumbrian Metal Industries Ltd (85 per cent) to London and Northern Securities Ltd which operates extensive longand short-distance haulage fleets. HWP (100 per cent) and Allied Transport (90 per cent) "will be disposed of prior to the end of the current financial period for a net asset value which, in the opinion of your directors, will be an immaterial sum".

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People: H. M. Mackenzie
Locations: London

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