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ACS at Wangaratta to reduce working capital & costs
18
Aug '08
Australian Country Spinners (ACS), Australia's largest producer of hand-knitting and industrial yarns, announced plans for further voluntary redundancies at its Wangaratta plant as the company completes its operational review and prepares forfuture growth.

The reorganisation will involve the closure of 33 positions across the company's manufacturing operations, which will be offset by the creation of seven new jobs at the Wangaratta Distribution Centre. The seven new staff will commence work at the Distribution Centre from mid-August onwards.

As part of the reorganisation process, Australian Country Spinners (ACS) has restructured its Melbourne-based sales and marketing division and is in the process of relocating its Brunswick headquarters to a new customer focused showroom and offices in St Kilda Road, Melbourne. Details of the new location will be advised during August.

ACS CEO, Mr. Graham Brownlie, said that once the company completes its reorganisation, it will be in a much stronger position to respond to growth opportunities.

“The decision to reduce our workforce has not been easy but one we feel is absolute necessary to ensure that remaining staff can look forward to the future with confidence.

“Initially, we will be seeking to fill the majority of redundancies on a voluntary basis. Those staff who choose to leave will be given everything they need, everything that you would want yourself if you were in the same situation, such as access to financial planners, superannuation advisers and jobseeking support,” Mr Brownlie said.

Mr Brownlie said that the reorganisation of the company was in response to a range of adverse issues, including the contraction of the TCF industry and the negative affect of the exchange rate on the cost of imported goods and the company's export markets. But he also emphasized that in spite of these market conditions, the company was optimistic about the future of ACS.

“We do not underestimate what impact this might have on the community. We have a unique skill base in Wangaratta that gives our business a clear competitive advantage. Our aim is to retain this position by taking measures that will sustain the business and enable it to grow into the future,” Mr Brownlie said.

ACS currently has operations in Australia and New Zealand, with its manufacturing plant based in Wangaratta, Victoria. ACS holds over 70 per cent of the hand-knitting yarn market in Australia and exports to Japan, USA, New Zealand, Hong Kong, Italy, Canada and Singapore.

Relocation of the ACS warehousing and distribution functions to the manufacturing plant at Wangaratta will be finalised by 30 September 2008. ACS anticipates that the move will significantly improve its service and reduce working capital and costs.

Australian Country Spinners


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