Insimbi Industrial Holdings said its board planned to exit its Insimbi Plastics business and to dispose of the subsidiaries’ assets, as part of the plan to move away from non-core operations.
“The closure and disposal of Insimbi Plastics will streamline the operations of the group, ensuring an improved platform to pursue continued growth,” Insimbi’s board said yesterday.
The company had been engaging with labour unions regarding the closure and expects the relevant processes to be finalised by the end of August 2022.
Insimbi Plastic’s blow moulding operations produce plastic drums, swimming pool filters and plastic containers used in the agriculture and chemical industries, while the roto moulding operations allows Insimbi Plastics to produce moulded water harvesting tanks from 500 litres to 5 000 litres, as well as leisure products.
Insimbi Industrial Holdings’ other businesses provide the steel, aluminium, cement and foundry industries with commodities, such as ferrous and non-ferrous alloys, as well as refractory materials.
BUSINESS REPORT