Manufacturing News

One of Australia’s oldest companies quits manufacturing

Australian company Stokes Limited, founded in 1856, has sold its manufacturing operations to focus on supplying lighting and audio-visual equipment.

One of the country’s oldest businesses has divested its appliance parts manufacturing and services division to an undisclosed buyer for a reported $5 million, according to Fairfax.

“The appliance parts division has undergone a major transformation since new management implemented a restructuring program in October 2012,” reads the company’s statement to the ASX.

“The business being sold has annual revenues of over $8 million and EBITDA over $1.2 million.”

This continues the transformation that has taken place under the leadership of managing director Con Scrinis, who owns a 15 per cent stake in Stokes.

"When we came to Stokes we wanted to fix up Stokes," Stokes told Fairfax. "That was our main concern.

"I couldn't have written a script back then that this is what we would be doing now."

Stokes’s history includes making the original “Rising Sun” badges worn by the 1st and 2nd Australian Imperial Force soldiers in the World War One and Two.

Image: http://www.britishbadgeforum.com/makers_marks/stokes_melbourne.htm

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