Bradken to offload UK business

Company News


Bradken Limited (ASX:BKN) says its restructuring programme has identified that offloading the unprofitable UK business is the best way forward. 
 
Two foundries plus a workshop in the UK midlands are expected to go under the hammer.
 
Bradken also says that a low cost foundry it has recently bought in India comes with a plenty of work and capacity to manufacture existing Bradken products. 
 
The mining services company has struggled since the mining downturn slashing staff and closing manufacturing facilities.
 
However, Chairman Phil Arnall says that debt levels remain comfortable and no refinancing is required until July 2018.
 
Bradken reported a net loss of $241.3 million for the 2015 financial year.