Lowe hunt Colyer Mair19 August 2001
Lowe Corporation have sought Commerce Commission approval to buy Colyer Mair, the leather processing division of Richina Pacific. Lowe managing director Graham Lowe said that the acquisition was a means of developing the company's leather business and fitted well into their strategic plans. However, Richina's chairman Alastair MacCormick has downplayed the significance of the move, saying that approaches such as these 'were not out of the ordinary'. Colyer Mair was formed last year following the amalgamation of Richina's New Zealand semi-processed leather operations and reported a 27% increase in turnover in 2000 to reach US$138 million. Colyer Mair chief executive Stephen Randal reported that they were enjoying the best agri-business season in 20 years and trading ahead of budget, although he warned that the drought on South Island's east coast could potentially reduce the number of hides available next year. Colyer Mair claim to produce roughly 20% of the country's leather and process 600,000 cattle hides a year, mainly to wet-blue and some to wet salted.