End of the road: CMI Industrial's Vic foundry shut down

21/06/2012 - About 30 employees of failed car parts manufacturer CMI Industrial have lost their jobs after no buyer could be found for one of its Victorian operations.

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The company's Horsham foundry will be wound down effective immediately, CMI Industrial receivers and managers Keith Crawford and Matthew Caddy of McGrathNicol said on Wednesday.

That process was expected to be completed by July 6 with the north-western Victorian site's remaining 29 employees to be made redundant.

Crawford said the receivers had exhausted all options to sell the Horsham foundry as a going concern and the financial outlook for the business was not strong enough to support continued trading.

Receivers took control of CMI Industrial, a key supplier for Ford, in April after talks failed to sort out unpaid bills with its landlord.

The receivers are working to find buyers for the businesses with Crawford saying it would be business as usual at CMI Industrial's remaining sites at Campbellfield, West Footscray and Ballarat during that process.

Australian Manufacturing Workers Union assistant state secretary Leigh Diehm said it had proved impossible to keep the site open and employees in work without a buyer for the Horsham site.

"We have to remain positive that (for) the other CMI sites currently under administration that a buyer can be found," he said in a statement.

Source: AAP

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Have your say...

dave d | 21/06/2012 13:42 1

And where's our Julia - off around the world telling other countries how to handle their economy - what a phony !! what a hypocrite !!

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