I just checked their website. I got this.
I called a number to their Victoria office and got no answer.
This is news folks. Remember all the orders they were expecting on F-35 widgets that just have not materialised. Quickstep has F-35 concerns also.
All those promises. The rubber is now hitting the road for everyone that invested into this nightmare.
Here is some past news on Production Parts happier days...
JSF work big win for parts maker
Production Parts scores JSF engine win
Production Parts also had some involvement with the RR F136 engine that Gates wanted killed.
AUSTRALIA WINS MORE JSF WORK
Anyone with more news on this, let us know.
UPDATE--- OK I am the slow news guy it looks like. This from August.
Victorian defence manufacturer Production Parts collapses into administration
A 60-year-old aerospace manufacturing company that won a $40 million contract last year to produce parts for the controversial F-35 Joint Strike Fighter project has been placed into administration, with receivers PPB now receiving expressions of interest for a buyer.
I would have thought all those orders would keep everyone healthy. Colour me surprised.
August 2011--Goes into administration
September 2011--Liquidation
10 comments:
Ten to one the a Chinese surrogate buys it from the Liquidator?
Any takers?
This is definently happening. The PONZI is rotting from the inside out. More companies in the parts supply system will die as they have all invested based on an expectation of orders that was an illusion/mirage that has faded away.
They can't service their costs with the current order book.
So production will slow further as Lockmart tries to find alternative producers - which will accelerate the demise of other producers.
Mind you - i'm not crying for these rent seekers - the sooner this mess collapses the better.
Share price on Quickstep is also heading south!!
Interesting.
http://goo.gl/ztkUF
Quite unbelievable! Sure the cause of decline is something may be the insiders know? Sad.
where did all the money go?
Well, I think that the DoD has a lot to answer for. They practically encouraged manufacturing in Australia to gear up and purchase machinary to meet JSF requirements with the promise of JSF work as part of the off-set programme.... 5 years later and the world is hit with the GFC and what is the first thing that the US does? Pulls the JSF work from Australia as it is too expensive! Our Government just sat back and watched it happen! Our country continues to go down the sink, with weak politicans who are wont stand up to protect Australian industry.
The problem with Production Parts was that the owners spent too much time in the media and too little time concentrating on the business. Many suppliers of material, including me, have known they had cash flow problems over many years. The JSF, FX, etc was the cop out.
The first of many.
They were actually encouraged. If Defence actualy gave out long term contracts SME would not have to go through this crap.
Anon you have never been in business.
No doubt you are on the public tit.
http://www.defense-aerospace.com/articles-view/release/3/131136/australian-companies-secure-jsf-contracts.html
Poor buggers, hope they did not invest too much.
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