US based Cooper-Standard is to shut plant at Adelaide

Tag : and mining equipment

The company said on Thursday its plant, which produces powersteering and brake components and currently employs 136 people,would close over the coming months.
The company blamed reduced customer demand and shrinking marginsfor the decision.
In a separate move it said, Tecalemit, a division ofCooper-Standard Automotive, which distributed garage equipment andindustrial lubrication systems for the mining industry, would besold.
General manager John Thomas said all employees to lose their jobswould receive their full entitlements in line with an enterpriseagreement and the company would also offer support to workersseeking new work.
"We met today with all employees to brief them, thank them fortheir loyalty and work over many years and to assure them that theywill be treated fairly in this closure process," Thomas said.
"The closure is an inevitable response to changes in market demandthat have resulted in our sales and margins deteriorating andreduced customer demand.
"I am saddened that we must close a plant that has a loyalworkforce and a long history here."
Cooper-Standard Automotive employs about 19,000 people globally atmore than 70 facilities.