Broadway sells HE Perry photographic unit

Broadway Industries sold its HE Perry photographic import and distribution business to managers in a transaction expected to reap $1.5 million.

Broadway will receive $1 million up front and expects a further $500,000 over the next six months from trade receivables and the sale of consignment stock, it said in a statement today. The business is being sold at book value and the proceeds will be used to repay debt, it said.

The disposal of HE Perry leaves Broadway with its Mercer business group, which fabricates and manufactures stainless steel kitchen, bathroom, sterilization and washing equipment. The group, which started life 1957 as Brother Sewing Machine Corp. (New Zealand) selling knitting and sewing machines and typewriters, became Broadway in 1987 when it acquired both Mercer and HE Perry.

The group posted a loss of $847,000 in the first half amid high debt, losses from its Australian conveyor belt business, Inmotion Engineering, and weaker sales. 

The stock last traded on June 23 at 25 cents and has declined 65% in the past 12 months. 

Businesswire.co.nz

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