The embattled Australian automotive industry has lost another member this morning, with components manufacturer Teson Trims set to close with the loss of 126 jobs.
The embattled Australian automotive industry has lost another member this morning, with components manufacturer Teson Trims set to close with the loss of 126 jobs.
The company, which has facilities in Melbourne and in the regional Victorian town of Euroa, was placed into administration on 8 September after the debts owed to suppliers hit $2.5 million.
Administrator Matt Byrnes of accounting firm Grant Thornton has been unable to find a buyer for the 50-year-old company, and had no choice but to close the doors.
Byrnes says he will now turn his attention to looking after the workers who have lost their jobs as a result of Teson’s collapse, and remains confident he can ensure they receive all their entitlements.
National Union of Workers’ Victorian secretary Antony Thow blamed the company’s closure on Australia car makers’ relentless drive to cut costs.
He says that when Teson’s contract with Toyota began, it supplied wheel covers at an agreed unit price of $12, but that had since been slashed to $9.03, despite a 12% hike in the raw materials prices.
Related stories:
Smart Company is a sister publication to The Mandarin, catering to Australia’s entrepreneurs, small and medium business owners and business managers.
