Asset sales signal end for Australian automobile manufacturing

The Private Treaty sale begins immediately and is scheduled to run until the plant officially closes on October 3, 2017. Upon closing, Grays Online, a JV partner with Hilco Industrial Acquisitions B.V., will begin a comprehensive online auction of all remaining assets, a process which will continue until the end of February 2018. The machinery and equipment at the Altona North manufacturing facility is extensive as the site had produced over 3.4 million Toyota Camry, Aurion & Avalon vehicles including Hybrid automobiles since 1994, all of which were sold within Australia and for export throughout the Middle East and Asia. The Altona plant is comprised of seven distinct facilities on a 77-acre site and was once viewed as a marvel of vertical integration in a small market. The site employed over 2'500 workers, producing approximately 100'000 cars per year using both human capital and 280 welding robots to create a single vehicle. Hilco Industrial Acquisitions directors have indicated that there has already been substantial interest in the machinery and equipment at the facility from global buyers from Asia through to North America. Robert Bouland – CEO of Hilco Industrial Acquisitions B.V. said “This is an unprecedented sale with machinery and equipment assets that are in exceptionally good condition.” Mr. Bouland indicated that the availability of assets of this caliber is unusual as it represents a consolidation of facilities rather than a bankruptcy which often has older automotive manufacturing equipment.”