AUSTRALIA: Evans & Tate to sell off surplus assets
The two companies finally agreed new merger last month and expect to complete the merger by mid-February next year, Evans & Tate chairman and CEO, Franklin Tate, said.
Included in the asset sale will be a Cessna 424 in the US and a King Air 10-seater, owned by Cranswick, which are expected to be sold for around $1.3m. "The planes have to go," Tate said. "We don't have a problem with aviation - we just don't think a small public company should be in the aircraft business."
Companies: Evans & Tate Wine Group
Australian wine company Evans & Tate has suffered acutely as grape oversupply and weak exports have combined to hit the Australian wine industry hard. David Robertson reports on the company's woes and...
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Evans & Tate may be investigated by the Australian authorities, according to local press reports....
The troubles of Australian winemaker Evans & Tate are increasing, with news today (16 August) that the company now expects to make write-downs of not less than A$16.5m for the 2004/05 financial year....
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