Vic: Manufacturer placed in hands of receiver

AAP General News (Australia)
04-02-2009
Vic: Manufacturer placed in hands of receiver

MELBOURNE, April 2 AAP - A Ballarat manufacturing company has been placed in the hands
of receivers in another blow for the regional Victorian city.

Receivers McGrathNicol (McGrathNicol) took over the management of Lyco Innovations
Pty Ltd, which manufactures hydraulic equipment and employs 80 people, late on Wednesday.

It was placed in receivership after being assessed as unable to meet its ongoing financial
obligations due to deteriorating business conditions, a statement by the receivers said.

Receiver Keith Crawford said the company's current financial position would be confirmed
and the extent to which it could continue to trade would be assessed, while the sale of
the business - either whole or in part - was explored.

"We will be liaising closely with employees, customers and suppliers over coming days
in this regard and will make further announcements as appropriate," he said.

This is the latest in bad economic news for Ballarat, in Victoria's northwest, in recent times.

Truck manufacturer MaxiTRANS (MaxiTRANS) cut 54 of 380 workers at its Ballarat plant
on Wednesday.

In October last year, valve manufacturer John Valves was closed and 130 employees stood down.

AAP mok/gfr/sn

KEYWORD: LYCO

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