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TransTec Calls In The Receivers

Receivers who have been called in to administrate a firm formerly headed by Coventry MP Geoffrey Robinson have reassured staff that their jobs are safe Ė for the immediate future.

Directors of Birmingham-based TransTec plc, of which Mr Robinson was once chairman, called in receivers Arthur Andersen after being hit hard by costs and losses in recent years.

Robinson took charge of the company in 1991 before resigning in 1997 when he was appointed Paymaster General.

Receivers Arthur Andersen have now undertaken a review of the company but are assuring its employees that it will be business as usual.

A spokesman said: 

"TransTec has 4,500 employees world-wide which includes sites in the UK as well as Australia, the US and other countries.

"We plan to keep the business running as a going concern with all of the production lines operating as usual.

"Because of the Christmas and New Year break this is really only the second day that Arthur Andersen have been at TransTec so the long-term plans will not have been decided yet."

And the receivers believe that although Mr Robinson with his 16% shareholding has increased the media attention on the business, it will not affect its future.

"There are several interested parties in TransTec and they are businessmen looking to invest, they are sensible people and media attention will not bother them either way.

"I think the fact that all this came about over a holiday period meant that the factories were closed down and the focus of attention was directed towards Mr Robinson."

TransTec engineering group produces aluminium castings and machined parts for automotive manufacturers, and plastic injection mouldings for electrical goods, domestic goods and automotive industries.

David Duggins one of the joint receivers believes that TransTec still has great potential.

He said: 

"Intense competitive pressures in both the markets for the groupís automotive products and for injection moulding products have created very difficult trading conditions.

"However the group has strong trading relationships, a good asset base and a skilled workforce.

"We shall be actively looking for purchasers of the groupís businesses as going concerns."

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