Korea’s Hanwha abandons takeover of Austal – media reports

By Peter Roberts Korea’s Hanwha defence group has abandoned its takeover bid for Australia’s most successful indigenous owned defence manufacturer Austal, according to media reports this morning. The takeover was ended in a letter to Austal from Hanwha Ocean CEO Hyek Woong Kwon titled ‘Termination of discussions with Austal’. The company blamed Austal’s ‘insistence’ that…

Sentient Vision to fall to foreign control in Shield AI takeover

Optical detection and video imagery company Sentient Vision Systems is to fall into overseas control with a takeover by California-based Shield AI. Sentient previously collaborated with Shield to develop a ViDAR-enabled wide area motion imagery (WAMI) solution called ‘Sentient Observer’, which will fly this year. ViDAR is Sentient’s AI system, which uses an Electro-Optic or…

MM Plastics expands with new plastics business acquisition

One of Australia’s largest plastics groups MM Plastics has acquired Dangenong South, Melbourne injection moulding firm Micro Precision Plastics (MPP). MM Plastics, a division of Metal Manufactures Limited, bought the family-owned maker of components, products, and assemblies serving industries including Automotive, Consumer Goods, Safety, Spa & Pool, Building & Construction, Pharmaceuticals and Housewares MPP houses…