Receivers appointed to a formerly U.S.-owned Australian firm that manufactures plastic rainwater tanks say there is strong interest from potential buyers.
On March 12, accounting and insolvency partnership firm de Vries Tayeh was appointed to Sydney-based Australian Bushman Tanks Pty. Ltd. after ABT defaulted on a bank loan.
Its previous owner, Channell Commercial Corp., a manufacturer of plastic and metal industrial housings, enclosures and heat-shrink products based in Temecula, Calif., had purchased 75 percent of ABT in 2004 and later moved to full ownership.
Suelen McCallum, senior manager at Sydney-based de Vries Tayeh, said the intention is to sell ABT through a marketing campaign in Australia.
McCallum said the firm does annual sales of US$17.5 million from the sale of rotomolded low density polyethylene water tanks for household and on-farm use ranging from 264-12,250 gallons.
She said ABT employs 90 at its four manufacturing and distribution facilities at Dalby, Orange, Toorang and Adelaide, Australia.
The company is trading and is continuing to do so. No staff cuts are planned, McCallum said.
We will sell the business as a going concern. Advertisements calling for expressions of interest will be placed in Australian national newspapers.
We have not considered advertising overseas because we have had enough interest from within Australia already.
McCallum would not disclose interested parties but said they include some existing plastics industry operators. She also would not disclose ABT's debt level.