Diversified manufacturer Austrim Nylex has announced plans to close its Coburg textile plant in Melbourne.

On April 11, the company said 150 jobs will be lost, and that most of the work at the plant will be transferred to other factories. Experts say the decision will save the company between A$5m and A$8m.

CEO, Peter Crowley, called the decision just the start of efforts to make the company more profitable. In February 2001, it announced that profits had fallen 32 per cent to A$20.9m. Austrim shares, which have fallen from A$2.25 in August 2000 to a low of A$0.72 in March 2001, ended the day at A$0.90.