Cornick Group Ltd - O.AFC- Profile

Associated Furniture Companies Limited (AFCOL) is the most extensive furniture manufacturer in the Southern Hemisphere, making an entire range of furniture products such as bedding, casegoods, kitchen and upholstery products and office furniture. It also provides raw materials such as spun yarn, mattress ticking and springs, upholstery fabric and polyurethane foam for the furniture industry and also makes a bagasse based thin particle board product. On 1st April 1998, South African Breweries Ltd sold it's 64.1% interest in the company and the company merged with Pat Cornick. This resulted in a change of control with Pat Cornick holding 49.1% od the voting equity of AFCOL. It is proposed that the company change it's name to Cornick Group Ltd at the next AGM. During fis. '98 the group disposed of it's interest in Resinkem (Pty) Ltd . Sales breakdown by segment for fis. '98 was as follows; Raw Materials, 29%; Bedding Division, 26%; Upholstery Division, 23%; Case Goods Division, 15% and Office Furniture Division, 7%.