Smitty
26-08-2009, 12:00 PM
ACL Bearings placed in administration
Wednesday August 26, 2009, 10:51 am
Troubled Tasmanian car parts manufacturer ACL Bearing has been placed in administration.
After meeting to review the latest financial forecasts for the business, ACL directors have concluded the company is not viable.
Administrators have been appointed and are at the Launceston plant explaining what will happen to the company's 280 staff.
They will take control of the assets and manage ongoing day-to-day operations.
In June, ACL secured a $7 million bail out package from the Federal Government on the condition it review its business model to become more competitive.
The company has criticised the State Government and says the long running dispute about its funding requests created instability.
Chairman Ivan James says damage to the company's reputation could not be overcome and promised support from key stakeholders has not materialised.
Directors say they are disappointed and sorry events have unfolded as they have.
The future of the company's 280 Launceston workers is now unclear.
Unions held an emergency meeting at the site this morning.
Wednesday August 26, 2009, 10:51 am
Troubled Tasmanian car parts manufacturer ACL Bearing has been placed in administration.
After meeting to review the latest financial forecasts for the business, ACL directors have concluded the company is not viable.
Administrators have been appointed and are at the Launceston plant explaining what will happen to the company's 280 staff.
They will take control of the assets and manage ongoing day-to-day operations.
In June, ACL secured a $7 million bail out package from the Federal Government on the condition it review its business model to become more competitive.
The company has criticised the State Government and says the long running dispute about its funding requests created instability.
Chairman Ivan James says damage to the company's reputation could not be overcome and promised support from key stakeholders has not materialised.
Directors say they are disappointed and sorry events have unfolded as they have.
The future of the company's 280 Launceston workers is now unclear.
Unions held an emergency meeting at the site this morning.