ION 0.00% 93.0¢ ion limited

Does anyone know anything about this stock, page-2

  1. 1,200 Posts.
    Hope this helps......Ed.

    Business Description
    Ion is involved in the manufacture of automotive parts including cylinder heads and other engine parts, car and motorcycle wheels and automatic gearboxes, and transport of petroleum products. Ion acquired Castalloy Limited, an Australian based company principally involved in the die-casting industry, in December 1999.


    Company Strategy and Prospects
    (Last Update: 17 June, 2002)
    In April 2002, Ion aquired the BTR Automotive Transmission Plant in Albury, NSW for $88m. Ion will also acquire 100% of Global Transmission Pty Ltd, a company established to own and operate the BTR plant. Ion forecasts revenue and net profits will double in the financial year 2003.

    Ion posted a 40% lift in earnings per share for the half year to December 2001 compared to the previous corresponding period. The results were boosted by recent acquisitions and included a full six months from Cootes Holdings (last year 2 months) and 4 months from Argent.

    Ion completed a $28.5 million capital raising in October 2001.The issue price was $1.30 each share. The funds were used to reduce debt incurred from the acquisition of New Zealand company, AMT Alloy Wheels.

    In June 2001, Ion acquired a 71.25% stake in Argent Metals Technology Ltd (AMT). AMT aims to invest in New Zealand metal products manufacturing operations and has just completed its first acquisition; that of Ford NZ Wheel Plant. AMT will continue to supply Ford in the foreseeable future.

    The AMT acquisition will complement Ion's Catalloy business. Castalloy's two major customers are Harley Davidson and Holden Engine Company. 70% of Castalloy's production is being exported. Castalloy supplies the worldwide demand of Harley Davidson for alloy wheels and hubs. Cast aluminium engine components including cylinder heads, inlet manifolds, oil reservoirs and specialty wheels.


 
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