PERTH, AUSTRALIA - Australia's largest manufacturer of polyurethane and polystyrene products, Perth-based Joyce Corp. Ltd., will change its name to Joyce Foam Products Ltd. after the sale of its agricultural division.
A Joyce spokeswoman said the division will be sold to Melbourne, Australia-based Nufarm Ltd., which will acquire the business name, plant, equipment, stock and intellectual property. Nufarm makes industrial and crop-protection chemicals.
The spokeswoman said the sale will be finalized by the end of August, but a price had not yet been determined.
Receivers were appointed May 4 to run Joyce. The company owed A$30 million (US$15.6 million) to suppliers and A$30 million to its main creditors, Australian banks ANZ and Westpac. The company had three divisions: Joyce Rural, Joyce Healthcare and Joyce Foam.
Joyce already has sold its health-care division and the land on which its Melbourne foam plant is located. The land was sold to Perth-based retailer Bunnings Ltd. for A$7 million (US$3.6 million) and leased back to Joyce.
Joyce has manufacturing plants in Melbourne, Sydney, Brisbane, Perth and Adelaide.
``There were no changes to the foam division because the receiver-managers did not want any changes,'' the spokeswoman said.
She said it was ``business as usual'' for the foam division because it was profitable and would form the basis for Joyce's long-term plans.
``Administrators were appointed to deal with creditors, so the receivers will be gone and the company will be in the hands of administrators, and hopefully we will be back to business,'' she said.
Joyce manufactures flexible PU foam products for furniture and bedding, cars, industrial applications, sound suppression and consumer products, such as sponges and toys. Its PS division makes molded PS containers and PS in sheet or block form.