BRISBANE, AUSTRALIA — An Australian polyethylene pipe and fittings manufacturer that went into voluntary administration after a slowdown in the mining services industry has been split up and sold to two Australian companies for a total of A$18 million (US$18.5 million).
Brisbane-based PPI Corp. Pty. Ltd. made PE pipes and fittings; hoses and garden products; and irrigation, drainage and filtration systems. Its principal brand names are PPI and Neta.
In 2008, PPI established a mining, industrial and civil division to target the then-burgeoning coal-seam gas and mining sectors. PE and PVC pipe, fittings and underground ventilation systems producer David Moss Group Pty. Ltd. of Wanneroo bought the division and the PPI brand in Australia.
Melbourne-based metal manufacturing, distribution and marketing company Lansell Group Pty. Ltd. bought PPI Corp.'s Neta brand, which specializes in gardening products, and its associated wholesale and irrigation businesses. The business will trade as Neta Industries Pty. Ltd.
PPI Corp. operated three Australian PE pipe factories and one in New Zealand.
The firm filed for voluntary administration in January.
A separate PPI Corp. company in New Zealand also went into liquidation in January. Its PPI brand and a majority of its assets were sold in December to Auckland-based plastic pipe maker Waters & Farr Ltd., which named the business Aquapipe NZ Ltd.