Mike Stevens | Jun 10, 2009

ADELAIDE-BASED automotive parts suppliers Trident Tooling and Trident Plastics (SA) have been placed in voluntary administration on Tuesday, after the group’s Victorian operations went into liquidation last week.

The companies have been placed in administration primarily because a major customer has failed to make a payment due to the Trident group, pushing it into insolvency.

Administrator John Morgan said Trident Plastics, which employs 100 people at its Woodville plant and is a supplier to Mitsubishi, Holden and Ford (including HSV and FPV), is operating as usual.

“At Trident Plastics we're trying to go through a restructure process, that's why we put it into voluntary administration," Morgan told ABC News.

"The process goes for about a month and the outcome that we're looking for is to try and reconstruct the business so it can continue to trade and, for us to be able to do that, we need to speak to all the major stakeholders."

Nick Thredgold from the National Union of Workers told ABC he was surprised by the news, saying that the NUW believed Trident had been involved in the bidding process to takeover Nylex Plastics.

In addition to Trident Plastics’ 100 employees, Trident Tooling employs a further 50 staff at its Netley operations.

The question is, of course: who has failed to settle its account with Trident?

[via ABC]

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