Latest News

Receivers appointed to automotive cabling company, Flexdrive Cables

An Australian industrial cabling company, Flexdrive Cables Australia Pty Ltd (FCA) has gone into receivership after being on-sold to another component manufacturer earlier this month.

Deloitte partners Tim Norman and Sal Algeri have been appointed receivers and managers over assets held by the company formerly known as FCA.

The sale of the company, which tool place on 10 August 2009, is viewed as a good result by Deloitte as it has secured the ongoing employment of the majority of FCA’s workforce.

The appointment of receivers and managers also follows FCA’s 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 169,000 square metres of property located at 200 Hamilton Road, New Gisborne Victoria. The land holds factory premises of in excess of 17,000 square metres, 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 Deloitte’s Norman.

Send this to a friend