Hastie companies' sale saves jobs

About 400 jobs have been saved with the sale of two of the troubled engineering company Hastie Group's businesses, the administrators say. PPB Advisory on Tuesday said it had completed the sale of two of the company's Victorian businesses, Cooke and Carrick Pty Ltd and D&E Air Conditioning. The large commercial hydraulics business Cooke and Carrick is based in Tullamarine and employs 134 people while D&E Air Conditioning, based in Rowville, has 274 workers. "We are delighted to have secured over 400 jobs in Victoria through the sale of two Hastie Group businesses," PPB Advisory chairman Ian Carson said in a statement. "Our aim has always been to reach a timely resolution to provide certainty to employees and we are delighted to have reached this outcome within seven business days of our appointment as administrators to the Hastie Group." Mr Carson said the administrators hoped to provide certainty to other Hastie employees over the next few days. Last week, Mr Carson said he hoped many of the 2,700 employees of Hastie's mechanical, electrical and plumbing businesses who had been stood down may be able to return to work. Hastie Group appointed administrators on May 28 after talks with banks and new investors to extend its loans broke down when the company discovered an employee had been falsifying accounts. The accounting irregularities, which date back to the 2008/2009 financial year, are expected to add a $20 million charge to its profit for the current financial year. Hastie said it expected its first half earnings to be reduced to zero, following two write-downs in November and a $150 million loss for the six months to December 31.from world news.