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.
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