Tomkins/Gates Rubber

Article Abstract:

The $1.4 billion purchase of Gates Rubber Corp by Tomkins in Jul 1996 was undertaken with advice from BZW. The latter company acted as financial adviser and broker to Tomkins, and was able to assemble a complex financing package. The financing structure used two different types of dollar-denominated convertible preference shares with a variable dividend mechanism. The number of shares issued on conversion was fixed, thus allowing Tomkins to be sure that the transaction would boost earnings.

Synthetic rubber, Synthetic Rubbers, Synthetic Rubber Manufacturing, Mergers, acquisitions and divestments, Rubber industry, F.H. Tomkins PLC, Gates Corp.

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In the dock: Australia's maritime union plumps for inefficiency

Article Abstract:

It is becoming increasingly clear that the Maritime Union of Australia can no longer justify the high wages and many related benefits received by dockworkers. Australian dockworkers are among the least productive in the world, and the country's ports have shown unwillingness to become more flexible and reduce charges. This has prompted the National Farmers' Federation to threaten to start training nonunion dockworkers in order to reduce container handling costs.

Marine cargo handling, Ports, Editorial, Australia, Compensation and benefits, Stevedores

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