Welcome to Western Sydney Business Access

 fb tw yt in 

16 August 2013 Posted by 

Viridian value written down by $800m

CSR building materials company which bought Viridian Glass for $1 billion in 2007 has written down the value of the company by more than $800 million.

Viridian, formerly Pilkington Australasia, is the only local manufacturer of architectural glass in Australia.

CSR said the residential and commercial glass manufacturer had been affected by cheap imports from China, the string dollar and a depressed construction market.

“There has been significant effort put into turning around a business that was hit on all side by currency markets, Chinese imports, you name it,” said CSR chairman, Jeremy Sutcliffe, at CSR’s annual general meeting.

Earlier this year, CSR announced it would close its glass manufacturing plant at Ingleburn and merge its glass processing plant at Wetherill Park with a facility at Erskine Park.

Some 170 workers were made redundant.



Nicole Baines

Nicole Baines runs All My Admin, a business that provides support services to Western Sydney Business Access (WSBA) for its online activities. Call (02) 9894 8682 for assistance.


 

.

Website: www.allmyadmin.com.au
More in this category: « Logistic sector drives growth
Western Sydney Business Access (WSBA) covers the business and community issues of the Greater Western Sydney region of Australia. WSBA is the popular media source for connecting with the pulse of the region and tapping into it's vast opportunities and networks.