Blinds and shutters manufacturer Kresta has sold one of its Malaga factory in Western Australia for $4.8 million following a review of its manufacturing operations.
Funds from the sale will be used for capital and also to reduce the company’s bank debts.
In August last year, the Perth-based manufacturer announced that it was closing down its local venetian blind manufacturing business and outsourcing the work to high-quality manufacturers in Asia.
At the time, the decision to cease production in WA was estimated to cost 72 of its 1,000 Australian workers redundant workers (7 per cent of the company’s WA local workforce).
The decision was part of a strategic review which will see the company streamline its Australian operations, reduce costs and improve product ranges.
The review saw Kresta move to consolidate its curtain production to Curtain Wonderland’s Brisbane operations, and move its Jandakot production to its Malaga headquarters.
Kresta is the largest window coverings manufacturer in Australia and New Zealand. The company has been manufacturing blinds for over 35 years.