Receivers and Managers appointed to company formerly known as Flexdrive Cables Australia Pty LtdDOWNLOAD
Deloitte partners Tim Norman and Sal Algeri have been appointed Receivers and Managers over assets held by the company formerly known as Flexdrive Cables Australia Pty Ltd* (FCA).
The appointment follows the sale of the business to another auto component manufacturer by the Directors on 10 August 2009. The sale is seen as good result as it has secured the ongoing employment of the majority of the workforce. The appointment of Receivers and Managers also follows the Director’s decision to appoint a liquidator on Tuesday 11 August 2009.
FCA was a manufacturer of cables and plastic moulded products for the Australian automotive industry. It was an Australian business established 60 years ago as a manufacturer of mechanical control cables and plastic moulding products for the automotive industry and other industrial markets.
The main asset is a 169,000sqm property located at 200 Hamilton Road, New Gisborne Victoria. The land holds factory premises of in excess of 17,000sqm as well as some office and car parking space.
“It is our aim to maximise the sale of the property, with an appropriate sale campaign to be determined in the coming weeks,” said Mr Norman.
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*(ACN 098 670 529 Pty Ltd).