35 jobs have been saved on the north-west coast after defence consulting company Decem took over Penguin Composites.
The manufacturer was placed in voluntary administration in August after major customer Bustech collapsed, leaving it with unpaid invoices of $730,000.
Decem co-founder Chris Clarke, the new Managing Director of Penguin Composites, said the company had been looking to expand into manufacturing for 12 months.
“The key elements for success exist at Penguin Composites,” he said.
“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.”
He said the two companies complement each other, with Decem’s relationships in the defence industry potentially leading to greater business development opportunities for Penguin Composites.
Despite the takeover, the Penguin Composites name will remain.
Premier Jeremy Rockliff said his government had helped save the company with a $250,000 support package.
“Support from the Tasmanian Liberal Government has ensured this important Tasmanian manufacturing company continues to have a strong future on the north-west,” he said.
“Supporting rural and regional jobs in Tasmania has never been more important.”
“They are the lifeblood of our local communities and our Liberal Government is in their corner.”
