News story

Century Batteries enters administration owing USD36.2m

Thursday, 8 July 2004 ( #165 ) - CAROLE PARK, Australia
Australian-based industrial battery manufacturer Century Batteries has entered voluntary administration.
A report by the Courier-Mail newspaper in Queensland said about 500 creditors were owed up to AUD50 million (USD36.2 million) when the company and five subsidiaries entered voluntary administration on June 25.
The manufacturer employs more than 500 workers in Australia and New Zealand and turns over about AUD140 million a year.
Administrator Neil Cussen, of Horwath chartered accountants, told the Courier-Mail the company was still operating, and could emerge from administration in the future.
"It's a very strong business and a very successful business and has shown significant growth in recent times," Cussen said.
Founded in 1928, Century was taken over in 1988 by Yuasa Corp of Japan and Indonesian firm Gemala.
The company and its administrator did not return Forkliftaction.com's calls.
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