CANBERRA, May 23 (Reuters) – Ford Motor Co will shut
its two Australian auto plants in October 2016, blaming a strong
currency and costs that are hitting manufacturers just as the
country looks for other sectors of its economy to cushion the
end of a mining boom.
Ford Australia will close its engine plant in Geelong and
its vehicle assembly plant in Broadmeadows, both in Victoria
state, with the loss of 1,200 jobs, Ford Australia Chief
Executive Bob Graziano said on Thursday, the latest
election-year blow to the struggling Labor government.
HONG KONG/SYDNEY, May 21 (Reuters) – U.S. private equity
firm Kohlberg Kravis Roberts & Co (KKR) is selling a remaining
stake in Australia’s Seven West Media Ltd valued at
A$265 million ($260 million), exiting an investment made almost
seven years ago at the height of a buyout boom.
KKR’s December 2006 deal was its first media investment in
Australia. Private equity firms typically hold their investments
for five to seven years before exiting to return any profits to
CANBERRA, May 16 (Reuters) – Lockheed Martin Corp is
well on the way to fixing the F-35s performance and helmet
problems, Australian military chiefs said on Thursday, rejecting
criticism the troubled jet will be overmatched by newer Russian
and Chinese aircraft.
In testimony to parliament on the F-35, for which Australia
is one of the largest international buyers with plans for up to
100, Australia’s air force chief Air Marshal Geoff Brown said
rivals were years behind the Lightning II’s development.