- Austin Engineering (ANG) is preparing to move its Brisbane headquarters to Perth, Western Australia
- The move recognises the significance of ANG's operations in WA and Asia as the company's main profit contributors
- The relocation will place senior directors closer to major customers in Perth
- Coinciding with the announcement, current CEO and Managing Director Peter Forsyth has decided to retire, effective from July 31
- As the board considers replacements, Non-Executive Director David Singleton will step in as interim CEO and lead the company's strategic review
- Austin Engineering shares are 16 per cent higher to close at 14.5 cents
Austin Engineering (ANG) has its sights set on the west, as the company prepares to relocate its headquarters from Brisbane to Perth.
ANG is a global engineering company partnering with mining businesses, contractors and equipment manufacturers to create innovative solutions aimed at improving operational productivity.
The upcoming move recognises the significance of ANG's WA and Asia-based operations, which are its largest contributors in terms of profit.
The relocation will also position the company's senior executives closer to major customers in Perth.
Specifically, the new headquarters will be co-located with ANG's largest Australian manufacturing facility in Kewdale, thereby enhancing internal and external communications and delivering cost savings.
Peter Forsyth steps down as CEO
Coinciding with the move, Austin's CEO and Managing Director, Peter Forsyth, has elected to retire, effective as of July 31.
The company is now looking to initiate a strategic review to identify significant organic and inorganic growth opportunities, led by Non-Executive Director David Singleton.
Further, David has agreed to act as interim CEO, while the board considers potential best-fit replacements for the role.
Austin Engineering Chairman Jim Walker commented on the announcement.
"Peter has made an outstanding contribution to Austin, providing great leadership through what has been a challenging period for the company and he leaves the company well positioned for growth going forward," Jim said.
"Under his tenure, the company comprehensively resolved well recognised balance sheet issues, and recommended paying dividends.
"Peter has also been a steady hand to lead the company through the initial very uncertain period of the COVID-19 pandemic, which did have a significant impact on our overseas operations," he added.
Meanwhile, Austin Engineering Chief Financial Officer Sam Cruickshank has agreed to relocate to Perth.
The company has confirmed that guidance for an underlying net profit after tax in excess of $9 million for the 2021 financial year remains unchanged.
Austin Engineering shares are up 16 per cent to close at 14.5 cents.