Just as the new CEO Mr Ted Pretty announced at the AGM today:
"In Fielders we will undertake the consolidation of plants and the closure of underperforming branches"Staff in Queensland were notified today that the two operating plants there will be closed by early December 2012. Not good for those staff employed now that won't have work in the days before Xmas.
|Queensland Fielders to close.|
Restructure announcement to be released very shortly - will update here.
Announcenment - Restructures - Update
• Building & Industrial division:
- In Orrcon we will make structural adjustments and undertake branch consolidations -
In Fielders we will undertake the consolidation of plants and the closure of underperforming branches.
• Lifestyle & Sustainability division:
we will shift market focus and consolidate activities around premises • Electronics & Communications division:
we will simplify the division structure and our supply chain; • Transformation
we will make changes to procurement, facilities and support services
Restructure announcement released on ASX with no mention of Fielders branches to be shut apart from the "underperforming ones".
Update: More to come? See The Australian.
Regency Park full closure of over 100 in SA, nearly a 100 in Queensland and many more branches to come. Fielders will revert back to a SA only company with maybe WA also in the mix.
"Our intent is that by 2015 over 75 per cent of our revenues will come from non-steel activities,"Said the new CEO Mr Pretty.
Good luck! Get rid of Fielders, Orrcon and Team Poly and Hills will be a shareholders dream. The write offs would be huge. How about Hills Holdings looking at its own executive team, the Mile end Fielders head office. Millions to be saved in these two areas alone.
And then Mr. Pretty stated this:
Blame everyone else apart from the board, as if you can rely on this government to back you like they did BlueScope. Mr. Pretty you need Mr. Paul Howes and the unions in your business for this to happen."On behalf of the company I wish to express my frustration that the Federal and State Governments did not recognise that businesses like Orrcon and Fielders needed to be accommodated by the (Federal) Government's Steel Transformation Plan not just Bluescope and Onesteel, or Arrium as it is now called," he said.