05.19.15
The parent company of two leading Australian bedding and insulation manufacturers has collapsed into voluntary administration, that country's version of Chapter 11 status, due to the "difficult economic climate in the manufacturing sector," according to reports.
Pacific NonWovens manufactures synthetic fiber products under the consumer bedding brand Crestall and commercial brands, Tontine Fibres and Tontine Insulation. The Crestall and Tontine brands were previously owned by United Bonded Fabrics, which was acquired by Pacific NonWovens in mid-2013, and trace their histories back to 1961 and the 1870s, respectively.
In the face of difficult trading conditions, John Lindholm and Stewart McCallum of Ferrier Hodgson were appointed administrators of Pacific NonWovens May 18. Lindholm and McCallum are now seeking urgent expressions of interest in the company and its related entities, Pacific NonWovens Holdings and Pacific NonWovens by May 22.
Pacific NonWovens manufactures out of six factories across Australia, including two in Thomastown, Victoria, one in Coburg, Victoria, as well as in Bibra Lake in Western Australia, Kedron in Queensland and Villawood in New South Wales.
The business turned over more than $25 million in the 2014 financial year and, according to Ferrier Hodgson, also operates Australia’s only textile recycling plant. The businesses, which employ about 120, will continue to operate throughout the voluntary administration process.
Pacific NonWovens manufactures synthetic fiber products under the consumer bedding brand Crestall and commercial brands, Tontine Fibres and Tontine Insulation. The Crestall and Tontine brands were previously owned by United Bonded Fabrics, which was acquired by Pacific NonWovens in mid-2013, and trace their histories back to 1961 and the 1870s, respectively.
In the face of difficult trading conditions, John Lindholm and Stewart McCallum of Ferrier Hodgson were appointed administrators of Pacific NonWovens May 18. Lindholm and McCallum are now seeking urgent expressions of interest in the company and its related entities, Pacific NonWovens Holdings and Pacific NonWovens by May 22.
Pacific NonWovens manufactures out of six factories across Australia, including two in Thomastown, Victoria, one in Coburg, Victoria, as well as in Bibra Lake in Western Australia, Kedron in Queensland and Villawood in New South Wales.
The business turned over more than $25 million in the 2014 financial year and, according to Ferrier Hodgson, also operates Australia’s only textile recycling plant. The businesses, which employ about 120, will continue to operate throughout the voluntary administration process.