Pilkington Australasia, taken over by CSR Ltd. on 29 June 2007, is in discussions with Toyota about the future of the windscreen manufacturing contracts on which the Geelong, Victoria plant depends. Unions said they were concerned about the future of the major Toyota contract with Pilkington after the takeover. Furnishing union assistant state secretary Frank Vari said he was seeking assurances that Toyota would stay with the new firm. On 4 July 2007 Toyota spokesman Glenn Campbell said his company was talking with CSR. "We look forward to working with them", Mr Campbell said. "We have a long-standing supplier relationship with Pilkington and we look forward to continuing our productive relationship, provided they continue to be globally competitive in cost, quality and delivery. "It's an expectation we have of all of our suppliers". However, with the company leveraging itself with AUD 690M debt to undertake the purchase, ratings agency Standard & Poors said the debt-funded acquisition would weaken its financial profile. Civic leaders in Geelong have expressed fears that the operations at the city plant could be hit after there was no mention of the local factories, and their 80 employees, in the buyout publicity. On 29 June CSR spokeswoman Andree Taylor said, despite the heavy debt, the company was not looking to off-load the Geelong or Norlane operation to recoup its money. "We want to invest in both the downstream and the upstream parts of the company", Ms Taylor said. "The message from this should not be that parts of the company will be sold.
