Australia’s largest glass maker, Oceania Glass, has collapsed following mounting losses and a failed bid to compete with cheap imports from China. Grant Thornton has been appointed as administrator of the company.
A 169-year-old glass manufacturer, Oceania Glass plays a key role in Australia’s glass supply industry. The company specialises in float glass, coated glass and laminated glass, providing its products to builders, architecture groups and clients across Australia.
After warning of the impact of cheap imports and its inability to be price-competitive with a homegrown business model, Oceania Glass has now been forced to enter voluntary administration, with a view to selling to a buyer. According to reports, the company owes creditors $125 million-plus.
Oceania Glass, which employs much of its 261 workforce at a manufacturing plant in the outer melbourne suburb of Dandenong, will continue to trade during the voluntary administration period.
Restructuring experts Lisa Gibb, Said Jahani and Matt Byrnes of Grant Thornton have been appointed as Joint and Several Voluntary Administrators. They are currently undertaking an urgent financial review of the business and are…
