While congratulating Jeremy Moon on selling Icebreaker for nearly $300 million, I am once again troubled by a New Zealand entrepreneur developing a successful business, only to sell it to an overseas buyer.
Quite apart from the profit going overseas, so often such sales are followed by disappearance of the technology, the know-how and, most importantly, the jobs, as well as the tax revenue.
A good example was PDL in Christchurch, which made plastic switches, etc.
Once a New Zealand firm that employed 1200 people, it was bought out and its manufacturing has gone overseas; everything, even its dies and moulds.
New Zealand will always have a very vulnerable economy as long as it relies on primary, unprocessed produce.
We need these entrepreneurial people and their businesses to stay in New Zealand and strengthen its economy and provide jobs and GDP. JOHN ROBERTSON Karori