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ASC Welcomes Government Decision on Sell-Off

Following yesterday’s announcement by the Federal Government to not proceed with the sale of ASC, the company welcomes the end to the uncertainty which had surrounded this prospect.

Mr John Prescott AC, Chairman of ASC, said the Federal Government’s decision, while disappointing and due to the global financial crisis, now allows ASC to devote all of its resources towards its core business – supporting submarines and building air warfare destroyers.

“ASC’s Board and Executive Group have invested significant energies in preparing the company for sale, and this process has been a very powerful tool in ensuring we’re well positioned for the future,” said Mr Prescott.

“In the meantime, we appreciate the Government’s decision which provides us with the clarity we need in order to move forward with greater certainty.

“The Board of ASC has thanked management and staff for their commitment and support towards preparing ASC for sale. As ever, it’s very much business as usual at ASC.”

ASC (formerly Australian Submarine Corporation) is the nation’s last remaining Australian-owned prime defence contractor. The company designed and constructed the Collins Class submarines and today delivers design, upgrade and maintenance services for the submarines through-life. In May 2005, ASC was selected to build Australia’s next generation warships – the Hobart Class air warfare destroyers. ASC employs over 1,400 personnel in South Australia and Western Australia, including 280 engineering and technical specialists.

It’s Business As Usual at ASC