The Fisher & Paykel Appliances Holdings Ltd has announced that it has sold most of its former manufacturing site at Cleveland in Queensland for 21.5 million Australian dollars or 28 million New Zealand dollars.

The company also moved a refrigerator factory to Cleveland from Thailand and the company said the movement of the factory was a part of its global manufacturing strategy and under the new strategy the manufacturing facility was also closed in Otago.

A 16.45 hector of Mosgiel site has turned in to a warehouse and logistics hub for Fonterra near Dunedin.

The firm F&P Appliances said in the last week at its annual meeting to its shareholders that the Cleveland property in Brisbane was under offer and the process of dividing the East Tamaki Lot two land in to for separate titles in Auckland was nearly to complete.

The total fund generation by both the property sales was expected at nearly 40 million New Zealand dollars and the money generated from the sales will be used to clear the debts of the company.

The company is very much focused on clearing the debts above all other aspects.