Thứ Hai, 6 tháng 5, 2013

Auto parts maker in administration

FORD and Holden will have to rely on a company under voluntary administration to continue supplying LPG cylinders for its Falcon and Commodore models.

Key supplier CMI Fuel Systems went into voluntary administration today, with 30 jobs at its Bayswater plant saved until a new buyer can be found.

Ernst and Young were appointed as administrators but have given AiAutomotive, which also went bust last year, the right to keep CMI Fuel Systems open.

AiAutomotive is part of the Autodom group, which was kept afloat by a $6.5 million bailout from Ford and Holden in November.

AiAutomotive receivers McGrath Nicol said in a statement today that the company would continue to supply fuel tanks under the deal.

Keith Crawford, of McGrath Nicol, said that the company had taken over CMI Fuel Systems.

``We will work constructively with the Voluntary Administrators and key stakeholders of CMI Fuel to stabilise operations,'' he said.

``We also intend to investigate the possibility of an acquisition of the business by AiAutomotive.''

The blow comes after Holden sacked 500 workers last month following poor sales of the Cruze model.

Holden spokeswoman Emily Perry said that the manufacturer had an adequate supply of LPG tanks.

``We have a good supply of LPG fuel and we don't anticipate any disruption to our production,'' she said.

``Holden also has a good working AiAutomotive and McGrathNicol and we're confident they will manage the CMI Fuel business effectively.''

Ford is yet to return calls from the Herald Sun.

stephen.drill@news.com.au
 


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