Wellington - One of New Zealand's highest profile manufacturers revealed Monday it had been hard hit by the global recession, prompting Prime Minister John Key to float the idea of a possible government bail-out.
Fisher & Paykel Appliances, which exports refrigerators, dishwashers, clothes' dryers and other appliances around the world, issued a surprise warning that its profit could be halved this year after sales to Europe fell 19 per cent and US sales fell 13 per cent.
Alarmed investors wiped 35 per cent off the company's share price after it told the stock exchange its bank debt had increased more than fourfold since March and it might have to seek a cornerstone shareholder if it cannot raise capital.