New Zealand appliance firm invests in R&D
New Zealand-based home and kitchen appliance firm Fisher & Paykel has invested $15.6m in research and development.
The company is looking to cement its position in the marketplace following a difficult two years, said a report by The New Zealand Herald newspaper. The investment in the year to March 31 represents a 47 per cent increase in spending on research and development over the previous 12 months.
The company’s chief executive, Stuart Broadhurst, said Fisher & Paykel had employed around 50 new engineers at sites in Auckland in the North Island and Dunedin in the South Island.
The firm manufactures a wide range of appliances from built-in ovens and range cookers to refrigerators and dishwashers. Following its investment in R&D the company will release new cooking products and refrigerators in the United States and cooktops in markets around the world, along with washing machines and tumble dryers in a bid to attract new customers.
Mr Broadhurst said. "Just about every product category will come out with a new model or a new, refreshed product this year.”