§ Mr. Robert Taylorasked the Secretary of State for Industry if, in view of the investment of public funds in the company of Kearney and Trecker Marwin or its holding company, he will give some indication of the current trading situation and the prospects for the current year.
§ Mr. KaufmanMy Department is in continuing touch with these companies and with Vickers who, under an agreement concluded last year, are managing the business. I cannot add at present to what is stated in the chairman's statement accompanying the report and298W accounts for 1974 of Kearney and Trecker Marwin Limited.
§ Mr. Robert Taylorasked the Secretary of State for Industry what is the total amount of public money invested in the company of Kearney and Trecker Marwin or its holding company; and what is the total outstanding commitment of this company.
§ Mr. Kaufman£4.95 million is at present invested in shares of KTM Machine Tools (Holdings) Limited. In addition the Department holds £235,000 in preference shares in Kearney and Trecker Marwin Limited which were originally purchased from the Industrial Reorganisation Corporation. In addition a guarantee, with a maximum contingent liability of £250,000 as reported to the House on 13th October, has been provided to the company's bankers.
§ Mr. Robert Taylorasked the Secretary of State for industry:
- (1) what is the security for the public funds invested in or committed to the company of Kearney and Trecker Marwin; and what were the company's results in the most recently published accounts;
- (2) if, in view of the public funds available to the company of Kearney and Trecker Marwin, a copy of the latest accounts of the company will be made available in the Library.
§ Mr. KaufmanAs the Department's investment is in the form of shares it is of course unsecured. The guarantee of £250,000 is secured by a counter-indemnity by the company. I am arranging for a copy of the report and accounts for 1974 to be placed in the Library as soon as they become publicly available.