Austin Engineering relocates to Perth, Strategic Review conducted

Austin Engineering

Global Austin Engineering, known for partnering with mining, contractors and equipment manufacturers, has announceit will be relocating its headquarters from Brisbane to Perth.

This move recognises the significance of the Western Australian and Asian operations, which are the largest contributor to the company’s profit. The move will place Austin Engineering senior executives closer to a number of major customers, who are also based in Perth. 

The headquarters will be co-located with Austin Engineering’s largest Australian manufacturing facility at Kewdale in Perth, enhancing communication within the company. The relocation will also deliver cost savings and closer communication with major customers. 

In conjunction with this decision, CEO and managing director Peter Forsyth has elected to retire, effective from 31 July 2021. Austin Engineering plans to initiate a Strategic Review to identify significant organic and inorganic growth opportunities. 

Austin Engineering non-executive director David Singleton has agreed to lead the Strategic Review, which will also draw upon Forsyth’s knowledge. Singleton is well placed to conduct this review given his recent leadership of a growth period in international ship builder Austal Limited, headquartered in Perth. 

From 1 August 2021, Singleton has agreed to act as interim CEO while the Board considers the best fit for the CEO role aligning with the outcomes of the Strategic Review. 

“I wish to thank Peter on behalf of the Board for his contribution over the last four and a half years. Peter has made an outstanding contribution to Austin, providing great leadership through what has been a challenging period for the company and he leaves it well positioned for growth going forward,” Austin Engineering chairman Jim Walker said. 

Under his tenure, the company comprehensively resolved well recognised balance sheet issues and recommenced paying dividends. Peter has also been a steady hand to lead the company through the initial very uncertain period of the COVID-19 pandemic, which did have a significant impact on our overseas operations. The Board is incredibly grateful for his enthusiasm and commitment over this time. We wish Peter all the very best in his future endeavours.” 

Chief financial officer Sam Cruickshank has also agreed to relocate to Perth and will receive appropriate relocation assistance to do so. 

Austin Engineering confirms that guidance for underlying NPAT in excess of $9 million for FY2021 remains unchanged. 

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