Australia’s last specialised glass maker to close after failed sale by administrators

[Pelican Press 0]

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Australia’s last specialised glass maker to close after failed ***** by administrators

Australia’s last maker of architectural glass will be closed with the loss of up to 250 jobs after a failed auction by administrators.

Oceania Glass was put into the hands of insolvency experts from Grant Thornton three weeks ago after private equity Crescent Capital gave up on trying to turn around the Melbourne-based business in the face of cheaper Asian glass imports.

Grant Thornton’s administrators on Thursday said it had been unable to find a buyer for the business “and regretfully glass manufacturing at the company’s Dandenong factory will cease shortly”.

Some 56 workers at the factory have been made redundant, with another 95 job losses expected over the coming weeks as Oceania’s float line and production facility is wound down.

The group’s distribution centre in Dandenong will continue to operate while Grant Thornton explores a ***** of the national distribution network with interested parties.

“We wish to extend our thanks to the employees of Oceania Glass for their patience and co-operation during this difficult time as we begin the process of ceasing manufacturing operations at the Dandenong factory,” joint administrator Lisa Gibb said.

“We acknowledge this latest outcome is stressful for employees and their families and are providing support services to those affected,” she said.

The shuttering is a blow to the struggling construction sector and Australia’s manufacturing industry, which have been battered by plant closures and the relocation of production to cheaper offshore sites.

The failure is said to have been influenced by a delay by Australia’s Anti-Dumping Commission in reinstating tariffs on imported glass that were removed during the COVID-19 pandemic.

Oceania Glass’ Dandenong factory turned out float, coated and laminated glass products, dispatching them around the nation from distribution centres in the Victorian capital, Sydney, Brisbane and Perth for use in commercial and residential buildings as doors, balustrades and shopfronts, and in bus and train windows.

“We have a proud heritage serving Australia, having sold our very first glass in 1856 and are the only architectural glass maker in Australasia,” the company says on its website.

“Our glass is featured in many of Australia’s most iconic buildings, including the *********** Parliament House.”

Crescent Capital picked up the business as part of its purchase of Viridian Glass from CSR in 2018.

Oceania’s last financial results, for the 12 months to March 31, 2024, show it lost $1.2 million after a profit of $6.2m for the year earlier, on reduced sales of $182.7m. A note to investors in the Crescent fund that owns Oceania said it was now not viable without tariffs.

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