CSR cuts 150 jobs: Midday roundup

Building products company CSR has slashed 150 jobs from its glass business on the back of a high Australian dollar and struggling construction sector.

It will close its glass manufacturing facility at Ingleburn, in Sydney’s south-west, in July.

CSR announced the closure this morning and also said it will merge a processing plant at Wetherill Park, in Sydney’s south-west, with a nearby plant in Erskine Park by early next year.

The redundancies, site closure and relocation are expected to cost the company an initial $34 million, but result in a $27 million boost in earnings by 2015.

The battle continues between Asahi and PEP

The legal battle between well-known alcoholic beverages company Asahi and Pacific Equity Partners is set to be a big one.

On Friday at a directions hearing in Melbourne, PEP was told it has until April 30 to file its defence to the allegations it misled Asahi when it acquired Independent Liquor for $1.2 million in 2011.

Both parties have appointed high profile lawyers. PEP has sought out Alan Archibald QC and Asahi has partnered with Allan Myers QC.

Australian shares start the week flat

Australian shares have opened flat this morning after economic signs from China pointed to a slowing economy. The negative news from China was balanced by positive employment data from the United States.

The S&P/ASX200 benchmark was up 5.9 points just after midday to 5129.3.

All major industries posted minor gains, with the exception of the materials sector which was down 56.9 points to 10,380.3.