Perth firm snaps up struggling RCR's laser cutting business
Written on the 30 January 2019 by Business News Australia
Within weeks of offloading RCR Energy Service, administrators McGrathNicol have announced the sale of laser cutting business RCR Laser to Perth-based Unique Metal Works.
McGrathNicol was appointed to oversee the sale and restructuring of RCR Tomlinson's (ASX: RCR) assets in November, after operational issues at its solar farms led to shares being slashed almost in half.
In a release to the ASX, the administrators said the sale would maintain continuity for a significant number of RCR Laser customers and suppliers, while ensuring the entitlements and jobs of nearly 200 employees are preserved.
RCR Laser has its head office in Brisbane, as well as other operations in Toowoomba, Adelaide, Tullamarine, Dandenong, Perth and Sydney.
McGrathNicol managing partner Jamie Harris described the sale as a "new beginning" for the business.
"The combination with a reputable family business in Unique Metal Works is a good fit for RCR Laser," he said.
"The transaction connects one of Australia's largest quality certified laser cutting businesses with one of Australia's most innovative manufacturers in high quality sheet metal products.
"We thank all staff involved in achieving the sale for your efforts."
RCR Laser general manager Michael Taylor said the group was pleased by the opportunities arising from the deal.
"The enterprise provides the opportunity to continue to improve and further support our loyal customers, and opens new opportunities through the sharing of strong existing networks," Taylor said.
"The sale secures the jobs of some 200 dedicated people who have continued to perform to the highest standards and for that we are extremely grateful."
The administrators continue to work with "a number of parties" interested in the remaining RCR businesses, with confidence further sales will take place in the near term.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Business News Australia