AUSTRALIA: Austrim Nylex Completes Textiles Exit
Austrim Nylex Ltd issued a statement on Monday saying it has agreed a deal to complete its exit from the textiles industry with the sale of its unprofitable textiles division to a group led by three senior executives.
The company, which also has interests in the automotive, building and plastics industries, revealed recently that nearly half of its A$28.7 million loss for the six months to December 31 was due to its Victoria-based textiles business.
"Following our decision to exit textiles, which was announced last year, we are delighted to have divested the Geelong business to complete our exit from the textiles business," said managing director Peter Crowley.
He added that Austrim Nylex's pre-tax earnings forecast for the full year, excluding costs associated with textiles and restructuring, is A$100m.
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