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Tuesday, April 9, 2002 . Posted: 09:44:45 (AEDT)
BTR Automotive sold for $88m
Lavington's BTR Automotive plant, near Albury Wodonga, has been sold for $88 million.
The plant will come under the Australian ownership of alloy manufacturer ION Limited, after being sold by its UK-based parent company.
A spokesman for ION says new markets for BTR products are being sought in Australia and overseas, with the potential to increase production to meet new demand.
The BTR plant, which employs about 850 people, is currently operating at near capacity, supplying vehicle transmissions to both Ford Australia and Ssangyong of Korea.
Further details of the takeover are expected to be announced at a press conference this afternoon.