Changing gears: auto supply chains break new ground
Businesses impacted by the closure of automotive manufacturing in Victoria are identifying new business opportunities and creating jobs, thanks to on-going funding support from the Andrews Labor Government.
Member for Bentleigh Nick Staikos today announced that Mackay Consolidated Industries Pty Ltd and Palm Plastics, both based in Moorabbin, are two of 23 automotive supply chain companies across Melbourne to receive funding under the Automotive Supply Chain Transition Program (ASCTP).
Mackay Consolidated Industries received $16,000 to assist in the development of a staged approach to their business transition plan, focussing on communication to ensure the greatest chance of successful implementation. The company will work with each supply chain business to ensure they understand in detail the nature of the work involved, including expectations and what a successful transition outcome would look like. This will form the basis for developing project management tools, including a scope of works, resourcing and skillset requirements, map of roles/responsibilities, and key milestones.
Palm Plastics will use their grant of $55,000 to assist in preparing a management presentation document that they can use to approach potential investors. The deliverable will include observations on the company’s financials, capacity, plant and scalability, accommodation, capability, design, personnel and intellectual property. The project will also review and consider the company’s current financial reporting environment and taxation structure, and build a monthly 3-way forecast model, including profit and loss, balance sheet and cash flow.
The latest round of ASCTP funding builds on the $618,000 already provided to 29 Victorian automotive supply chain companies. The ASCTP was established to help businesses identify future opportunities in new markets. Eligible supply chain companies can receive up to $71,000 to engage industry specialists and help develop a plan for transition. Funding is also available for business capability development activities – including assistance with management skills, sales and marketing strategies, financial management, new product development, business development and marketing opportunities.
The Labor Government’s $46.5 million Automotive Transition Plan is supporting the Victorian automotive industry by reskilling workers and creating new business pathways for companies. The Local Industry Fund for Transition (LIFT) grants program has already created 450 jobs – more than 350 have been identified for ex-automotive industry workers.
Automotive supply chain companies interested in applying for funding are urged to visit www.business.vic.gov.au/asctp or call Business Victoria on 13 22 15.
Quotes attributable to Member for Bentleigh, Nick Staikos
“We know that many parts of the state have been hit hard by the closure of car manufacturing plants, and it’s great to see supply chains taking advantage of new business opportunities.”
“Mackay Consolidated Industries and Palm Plastics are great examples of supply chain companies transitioning into a global market and creating new jobs during what is a difficult time for the industry.”
Quotes attributable to Minister for Industry and Employment Wade Noonan
“We’re getting on with supporting automotive businesses, workers and communities affected by these changes to secure new business opportunities and create jobs.”