As a result of a strategic review of all its business areas, Dytecna Ltd has made the decision to divest its interest in Dytecna Asia Pacific Pty Ltd in Melbourne, Australia with immediate effect.
The reasons behind this are summarised as follows:
• It has become necessary to realign current business activities to concentrate on core business.
• The substantial decrease in military spend across the world has had a bigger impact than predicted on the defence sector.
• The change in the value of the Australian Dollar has made it impossible to manufacture and export product from Australia.
• A number of key Australian programmes continue to be put on hold. Dytecna will continue to support Australian programmes through its UK business.
• Strategically, Dytecna Ltd will be focussing its efforts in the UK and developing its US and Middle East opportunities.
• Dytecna Ltd aim to move into new areas as an Engineering business.
Dytecna Ltd has now invested over $5.5m in its Asia Pacific venture and believes that any further investment could no longer be justified.
Dytecna is confident that the employees will be successful in finding alternative employment and will endeavour to minimise the disruption to existing customers.