)
An Australian construction industry struggling with materials shortages has been dealt another blow with the country's leading architectural glassmaker, Oceania Glass, appointing voluntary administrators today.
The Dandenong-based company has 260 staff and produces 165,000 tonnes of flat glass annually, with distribution centres in Melbourne, Sydney, Perth and Brisbane. It is the only operator of a float glass manufacturing line in Australasia.
With its roots in the industry dating back to 1856 when its first glass was sold, Oceania Glass was spun out of Viridian in 2019 after it was acquired from building materials group CSR by Crescent Capital Partners for $155 million.
Joint and several administrators Lisa Gibb, Said Jahani and Matt Byrnes of Grant Thornton Australia will continue to trade Oceania Glass while they undertake an urgent financial review of the business and an accelerated sale process for the business as a going concern.
"We understand the role the company plays in the Australian construction sector. In continuing to trade the business with a view to a going concern sale, we will work to mitigate the potential disruption to customers and the broader sector," says Gibb.
"If an appropriate buyer cannot be found during the voluntary administration period and the administrators are faced with the difficult decision to shut down the business, we believe this period will allow customers to make alternative sourcing arrangements and significantly reduce disruption to the broader construction industry.
"We appreciate this is an extremely difficult time for employees of the company and their families and we will provide them with as much transparency as possible during the voluntary administration process."
A first meeting of creditors of Oceania Glass is scheduled for Friday 14 February at 11am.
Oceania Glass lists Crescent Capital partner Neville Buch as its sole director.
)
