Decem has acquired Penguin Composites out of voluntary administration.
Penguin Composites is a supplier of advanced composite materials and components for a range of sectors including Defence. It supports the production of Thales Australia's Hawkei Protected Mobility Vehicle - Light and is also on contract to support Hanwha Defence Australia in the construction of Huntsman vehicles.
The company entered into voluntary administration in August when a major customer, Bustech, went into administration while owing Penguin Composites $730,000.
“The key elements for success exist at Penguin Composites - a dedicated workforce, outstanding products and a loyal customer base. Decem’s focus at Penguin Composites will be on improving business administration processes to set the company up for continued success and growth into the future," said Decem's Managing Director Chris Clarke.
“Under Decem, Penguin Composites’ existing relationships with large Defence contractors such as Thales and Hanwha, supporting the production of Australia’s Hawkei and Huntsman vehicles respectively, will now continue. This is a great example of how partnerships between larger Defence companies like Thales and Hanwha with regional businesses like Penguin Composites can contribute to large-scale projects for Australia’s benefit.”
According to Decem, Penguin Composites’ existing operations will continue in Penguin, Tasmania. The workforce of 35 personnel will also be retained.