Factory auction raises funds for workers
Posted
A factory owned by a failed Victorian car parts manufacturer sold at auction today, freeing up thousands of dollars for retrenched workers.
The Teson Trims factories in Euroa and Mitcham closed last month leaving 126 people without jobs.
The Mitcham site was sold today for an undisclosed amount and the Euroa factory is up for auction tomorrow.
Administrator Matt Byrnes says at least $400,000 will be used to pay the superannuation employees are owed.
"There was some concern raised prior to the auction whether we would be able to get a sale given the current climate," he said.
"But a sale was achieved and it was sufficient to pay out the mortgagee and also to allow some money to flow back to the outstanding employee entitlements."
Search for news
ABC News Online takes a look at the big stories from 2008.
