Downturn claims mining manufacturer

SOUTH Australian mining equipment company C&S Wear Parts was put into liquidation last week after a slowdown in orders.
Downturn claims mining manufacturer Downturn claims mining manufacturer Downturn claims mining manufacturer Downturn claims mining manufacturer Downturn claims mining manufacturer

 

Kristie Batten

Meertens Chartered Accountants was appointed to the family owned company last week.

“The company has no bank debt, but the slowdown in the mining industry had seen its order book collapse to the point directors believed the company had no choice but to close,” Meertens partner George Divitkos said.

“We will be advertising the business for sale in the next few days and will be looking to sell the assets in situ. Failing that, the assets will be sold by public auction.”

C&S manufactured and repaired buckets for diggers and graders used in the mining sector, as well as the related teeth, blades and cutting edges.

Divitkos said the company supplied many of the major mining companies around Australia and was well-regarded in the sector.

“While the company faced competition from Chinese manufacturers for some components, the major cause of its problems was the downturn in mining activity,” he said.

C&S’ 11 employees have been retrenched and all employees, other than the directors and related parties, are expected to receive their full entitlements.

Most read Archive

topics

loader

Most read Archive