Another parts-maker succumbs

THE latest casualty in the Australian automotive parts industry is a small metal products company that lost a key contract with GM Holden.

Up to 90 jobs were lost when directors of Miric Industries called in the liquidators after it became clear the company could not continue to trade.

Miric, which made a wide range of small nuts, clamps and clips, lost its Holden contract to an Adelaide competitor late last week.

The company’s biggest creditor, the Commonwealth Bank, appointed receivers Keith Crawford and Colin Nicol, of McGrathNicol, to manage the company through the process.

“We will be working closely with management and other stakeholders to confirm the company’s current financial position,” Mr Crawford said.

“Due to the major customer’s decision to withdraw its business, it is unlikely that we will be able to continue trading.

“As a consequence, we expect that the majority of the workforce will be retrenched. We will review this assessment over the coming days and will make further announcements as appropriate.”

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More job cuts to come as parts industry shrinks