The annual general meeting of Brownhills-based Castings was being told today that while demand from main customers remains strong it is not expected that its machining business will return to profitability this year.
Chairman Brian Cooke said the new management team was continuing to progress the turnaround project at CNC Speedwell, also based in Brownhills "Whilst we still expect the trading results of the machining business to improve during the second half, the level of re-organisation is such that we do not foresee it returning to profitability during this financial year. "As part of the re-organisation, we are closing the Fradley site and consolidating the machining business to operate from the newly-built facility at Brownhills.
"Our investment remains focused on production techniques and technologies to improve our productivity and profitability," explained Mr Cooke. Castings, which is based at Lichfield Road, has been going for more than 150 years and employs around 300 at the two sites with another 180 at CNC Speedcwell and 470 at William Lee in Yorkshire.