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NEWS
Global Machinery Group goes into receivership
After 11 years in businessDecember 1, 2008
Local power tool company, Global Machinery Group (GMG), has gone into receivership, according to a report from the Australian Associated Press.
Best known in motorcycle racing circles as the naming rights sponsor of the 2007 Australian Motorcycle Grand Prix at Phillip Island through its GMC brand, GMG is now the hands of Melbourne-based receiver, KordaMentha, which will attempt to sell the business as a going concern.
The company has 45 workers at its base in Tullamarine (Vic). Other GMG brands include Triton and Redeye.
Turnover for the company still remains at $100m a year, and it exports to the US, UK, Italy, Germany, France, Canada and New Zealand.
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Written byMark Fattore
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