[Australia] Csr To Close Auto Glass Facilities

CSR Ltd has announced it will close its automotive glass production facilities at Geelong and Laverton (Victoria state) in June 2009, with the loss of 115 jobs. The company deems the business no longer viable since there has been a decline in car production. The costs associated with the closure are expected to be about AUD 13M. CSR expects this cost to be offset by the sale of Geelong property. CSR ascribed no economic value to the business at the time of the acquisition given that it forms a very small component of CSR's Viridian glass operations.