Parent company to continue financial backing for Matbro
Parent company to continue financial backing for Matbro
By Andy Collings
FINANCIALLY troubled Matbro is to continue to receive support from its parent company, Powerscreen International.
That is despite an announcement earlier this month that accounting anomalies at Matbro had caused Powerscreen to make a £46.7m provision to cover overvalued stock and over-stated profits. Clearly intent on putting its house in order, certain key personnel at Matbro have been replaced and Powerscreen says it is relocating assembly of the Matbro product range to its Tetbury, Glos, plant, with the Dungannon site now being responsible for fabrication.
This is a move designed to allow maximum return on the high investment made in machine tools at Dungannon. *