I wish to advise that Gearings Foundry in Cape Town has been sold to an international investor with supply interests into the local and global automotive industries. Industrial Investment Holdings Limited approached Murray and Roberts in July 2002 and the parties concluded the sale on the 15th January 2003.

Gearings was acquired by Murray & Roberts in 1981 and formed part of its Foundries Group. It was the primary platform in recent years for the manufacture of catalytic converter components for exhaust systems to the global automotive market.

Being a relatively small production facility and situated as it is in Cape Town, Gearings could not be integrated into the Group’s new strategy. The Foundries Group is focused on high volume world-class production of engine system components, at its facilities in Brits and Port Elizabeth.

All the major stakeholders have sanctioned the sale of Gearings with no disruptions expected in the supply chain.