increase font size
Reese Engineering is the company behind the Aitchison brand known for seeders, rollers and spreaders.
In what appears to be a casualty of the downturn in the agricultural sector, a well-known machinery brand is now in the hands of liquidators and owing creditors $6.6 million.
Liquidators Ecovis KGA are now considering selling Reese Engineering, the company behind the Aitchison brand known for seeders, rollers, spreaders and bale feeders and well-known UFO mowers, manufactured at facilities in the Manawatu region, for supply to the home and export markets.
The brand was established more than 50 years ago by former NZ rower Peter Aitchison, but more recently has been owned by Ross and Anne Simpson’s Simpro Holdings.
The liquidators first report suggests that the business’ collapse had been caused by the downturn in the sector, both in NZ and Australia, with a “stagnating” sales and order pipeline leading to oversupply of inventory in the market. They also note that losses had occurred after a “significant” customer order was cancelled at the end of 2023.
After the liquidators were appointed, Reese Engineering ceased trading and terminated staff, leading to the primary objective of trying to achieve a sale for the business, which if not possible, would unfortunately lead to a disposal auction of the company’s assets.
Total liabilities were estimated at around $6.6m, of which $3.1m was owed to CMI Ltd – an entity also owned by Simpro Holdings. Meanwhile, Westpac was owed $2.3m, trade creditors are owed $587,000 and $174,000 was owed in employee wages and holiday pay. The company is said to be owed $428,000 from customers, with related parties also owing a further $1.1m.
Total assets are said to be to $4.1m, although at this stage the liquidators have withheld the value of the fixed assets and intellectual property. While the machine inventory carried a book value of $2.5m, the report noted it included slowmoving and obsolete stock, with the realisable value likely to be substantially lower than book value.
The growing popularity of whole-crop cereals for livestock, and in some countries as a food source for anaerobic digesters, has led Claas to develop a new auger-based merging system alongside other grouping options for its latest Disco triple mower ranges.
Probably best known for its tractors, harvesters and farm equipment, it looks like John Deere is about to put its long-recognised and trademarked catch phrase of ‘Nothing Runs Like a Deere’ into practice.
Tania and Innes Anderson are second generation farmers whose family have had ties to the land where they operate for more than fifty years.
The missing link in getting maximum weight gain in your calves may be as simple as keeping them warm, says the Christchurch manufacturer of a range of woollen covers for young livestock.
With 2023 behind us, the global market for agricultural tractors closed with a decline in terms of units, but with growth in terms of value.
The real winner of this year’s FMG Young Farmer Region-off have been the regional communities.
As calving approaches, farmers need to get their teams ready for what lies ahead in the coming months.
Feeling sluggish this winter? Then try some seasonal fruit, renowned for lifting mood, energy and immunity levels just when we need it most.
The missing link in getting maximum weight gain in your calves may be as simple as keeping them warm, says the Christchurch manufacturer of a range of woollen covers for young livestock.
Rural Women New Zealand (RWNZ) and Massey University are joining forces to help raise awareness and funds to combat leptospirosis.
Auckland-based supplement and nutritional company New Image International is celebrating 40 years of business in their home country.
OPINION: Several days after securing shareholder approval for a $130 million loan from Bright Dairy, Synlait has delivered more bad…
OPINION: Recently several Labour MPs, including leader Chris Hipkins and deputy leader Carmel Sepuloni spent two days in Waikato with…
