KEY POINTS:
PGG Wrightson is closing its Australian real estate and livestock offices, set up in the past two years mainly to facilitate New Zealand investment in the Australian dairy industry.
The company said yesterday that given market conditions and an adverse outlook, the decision had been made to close the Tullamarine-based offices.
The businesses employ 39 staff operating from four locations in Victoria and one in New South Wales.
Existing commitments to clients would be honoured and arrangements made, as needed, to move clients to other service providers, PGG Wrightson said.
The decision had no impact on PGG Wrightson Seeds which would continue to operate in Australia.
The decision also had no impact on the New Zealand real estate and livestock businesses.
PGG Wrightson shares closed down 15c, or 10.5 per cent, to $1.28.
- NZPA
