CSR to close automotive glass production facilities

Date: 27 January 2009
Source: CSR Investor Relations
CSR announced on January 21, 2009 it will close its automotive glass production facilities at Geelong and Laverton in June 2009.

The automotive glass business is a very small component of CSR’s Viridian glass operations, with a negligible contribution to total earnings.  It was acquired as part of the purchase of the Pilkington Australia and New Zealand glass businesses in June 2007.  Given the small scale of the automotive glass business and significant uncertainty of the automotive industry, CSR ascribed no economic value to the business at the time of the acquisition.CSR expects to cease automotive glass production in June 2009, with final deliveries to customers occurring shortly thereafter.A total of 115 positions will be made redundant.  The closure will not affect CSR’s other glass operations.

“The significant recent decline in the number of cars manufactured in Australia means the automotive glass business is no longer viable,” said CSR’s Managing Director, Jerry Maycock.  “We will ensure that all affected employees are supported during the closure period.”

In light of the closure, CSR is in advanced discussions with potential buyers of the property at Geelong with the net proceeds expected to approximately offset the costs of closing the facility. 

The cash costs (primarily redundancies) associated with the closure are expected to be about $13 million.  These costs will be treated as a significant item for CSR’s financial year ending 31 March 2009.



600450 CSR to close automotive glass production facilities glassonweb.com

See more news about:

Others also read

We sincerely thank all our members, friends and visitors for being part of GlassOnWeb and its success during 2009.
For further upscaling, the plant has provision for a second float line which can support an additional 850 tonnes per day.  With an aim to further strengthen its leadership position in the glass industry, the Rs15bn.
During the annual Dujat December Dinner on Thursday 10 December 2009, Minister for Economic Affairs, Ms.
A prestigious international prize states the poetic beauty and the architectural value of “Tiberio's Baths” in Panticosa (Spain), the new health and wellbeing centre in the heart of the Spanish Pyrenees made entirely using special glass blocks with a trapezoidal section.
Chicago — December 17, 2009 — Designers and engineers examined the product pages on Inventables.com nearly one million times in 2009 in hopes of finding the right materials or technologies for their projects.
A team of researchers from the University of Vigo, Rutgers University in the United States and Imperial College London, in the United Kingdom, has developed "laser spinning", a novel method of producing glass nanofibres with materials.

Add new comment