Upper Hutt, New Zealand – Polyurethane foam component producer Acma Industries has gone into voluntary administration, citing ongoing cashflow problems. Its facility north of Wellington was hit by a large fire in January 2017.
The company employs 40 people, and produces a range of polyurethane foam components for international markets. It claims to be particularly strong in the development of innovative foam productsdd for the transport industry.
According to the administrators, PwC, the company will continue to trade on a business-as-usual basis, while they assess the options available to rehabilitate the business.
‘The company’s director made the difficult decision to put the company into voluntary administration due to ongoing cash flow pressure,’ said administrator John Fisk. ‘The company has been in a loss-making position for some time, and a restructuring of the operations is required to return the company to profitability.’
