ACL Bearing Goes into Administration, 200 Jobs in Doubt
Resource from: CBCC Likes:2951
Aug 27,2009
AUNCESTON'S ACL Bearing Company will be offered for sale as a going concern after the car parts manufacturer went into voluntary administration this morning, threatening vehicle production at Ford and Toyota.
Secured lender Ford Australia moved to put the troubled manufacturer under the control of receiver managers Grant Thornton to ensure its engine production could continue. Toyota is also affected.
The Examiner's Rachel Williams, who is at ACL's Rocherlea plant this morning, says there are dozens of people from administrators Korda Mentha, receiver-managers Grant Thornton and unions involved in discussions on behalf of the 200 workers.
Industry Minister Senator Kim Carr said in a statement that the Federal Government would continue to work with all parties to try and avoid disruption for the automotive industry
"ACL is a critical parts supplier to the Australian automotive industry and there is a danger that production at Ford and Toyota will be affected if supply is interrupted.
"Our primary concern is for the welfare of the automotive industry workers in Launceston and across Australia," Senator Carr said.
The receiver-managers will be seeking buyers for ACL.
"Economic conditions have prompted Launceston-based ACL to review its financial position, and it has decided that its business model is no longer viable.
"Grant Thornton intends that ACL will continue trading and ensure continuity of supply to the automotive industry."
In June this year an industry-led plan for ACL was announced, involving the Government in partnership with Ford, Toyota, the AMWU and the Federation of Automotive Product Manufacturers.
ACL has been provided with $5 million from the Commonwealth towards a $21.7 million, 17-point restructuring plan, which was aimed at securing the companys future.
Senator Carr said the Government had acted to stabilise not just ACL, but the Australian automotive industry as a whole at a very uncertain time a time when the world was in recession.
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