Building decline causes $172m bite for Brickworks
A construction slowdown in Australia and North America has forced a $172 million pre-tax write-down at brick manufacturer Brickworks.
WA attempts to lift venture capital record with $30 million co-investment program
The Western Australian government is attempting to improve its venture capital ecosystem, currently ranked second-last among all Australian jurisdictions, through a $30 million initiative intended to lure global VC funds to invest in the state. According to a description on the state government’s website, the Western Australian Venture Capital (WAVC) Initiative is open to firms…
Eco Detection receives $10 million strategic investment from LSE-listed mining services company
Eco Detection, which makes “lab-in-a-box” solutions for automated water quality monitoring, has announced an investment worth $10 million from London Stock Exchange-listed mining services company Capital Limited. In a statement on Friday, the Melbourne-based company said that its Ion-Q platform is currently gaining acceptance over a variety of water monitoring applications. Within mining it supports…
Budget’s new manufacturing measures focus on “cleaner, greener future”
By Jessica Olivier Rather than the manufacturing sector as a whole, the Budget focused on critical minerals, clean energy and green technologies, and it was pleasing to see the announcement of $500 million for the tertiary sector to increase skills in manufacturing and clean energy, as well as the announcement of various initiatives to lift…
Best of the week — the five most popular stories among readers, February 19 – February 23, 2024
What were the five biggest stories of the week? Here’s what visitors to this site were reading. 5) Gilmour Space raises $55m, Eris rocket heads for space The historic launch of an Australian developed and manufactured rocket is closer with Gold Coast-based Gilmour Space Technologies closing a $55 million Series D capital raise ahead of…
InfraBuild shares result “consistent to last year”
Steel maker InfraBuild announced its financial and operational results for the year ending June 30, with net revenue of $5,686 million (down five per cent) and EBITDA of $651 million (down 2 per cent) for the financial year. In a statement on Wednesday, the company – part of Sanjeev Gupta’s GFG Alliance – described performance…
K-TIG falters in purchase of UK nuclear engineering business
Rapid welding technology manufacturer K-TIG has failed to meet its planned transaction date for the purchase of UK advanced manufacturer Graham Engineering Limited (GEL). The company’s share purchase agreement (SPA) to acquire the business as an entrée to the UK nuclear decontamination field reached its sunset date of 31 August with a number of conditions…
Manufacturing news briefs — stories you might have missed
XRF Scientific announces record full-year result Analytical laboratory instrument manufacturer XRF Scientific has announced its results for the June 2023 full-year, with sales revenue up 38 per cent to $55.2 million, net profit after tax up 26 per cent to $7.7 million, and the company paying a final fully-franked dividend of 3.3 cents per share.…
Main Sequence passes $1 billion in funds under management
The CSIRO-founded investment vehicle Main Sequence announced the first close of Fund 3, raising $450 million and passing a milestone of $1 billion in total funds under management. Participation came from what were described as “large institutional funds, wealth groups and top tier climate investors” including Hostplus, LGT Crestone, Morgan Stanley Wealth Management and Temasek,…
Manufacturing news briefs – stories you might have missed
Phycologic harnesses algae to purify indoor air Sydney start up Phycologic has launched its novel Seatree which harnesses the photosynthetic power of algae to purify indoor air. Founded by engineers and marine scientists Zac Duryea and Jack Vitnell (pictured), the company worked with University of Technology Sydney’s Deep Green Biotech Hub to develop the algae-filled…