F&P to detail split in June

Fisher & Paykel will announce a timetable for the planned separation of its appliance and healthcare divisions when it releases its annual results in early June.

The company announced plans late last year to separate into two listed public companies - Fisher and Paykel Healthcare Corporation Limited and a then-unnamed appliance division.

In a letter to shareholders, F&P chairman Sir Colin Maiden said the appliance company would be known as Fisher and Paykel Appliances Holdings Limited.

The company also planned to alter the appliances' marketing identity to capitalise on the division's growing international focus and on global awareness of Fisher & Paykel as a brand, Sir Colin said.

Changes would include scrapping the Kelvinator and Frigidaire brand names in New Zealand and several of the company's smaller export markets.

Sir Colin said work was proceeding as planned on the separation and more details would be given in June.

Fisher & Paykel's directors have said that the earliest time the separation could take place would be the second half of this year.