Atlantis Forge Likely to Liquidate
March 3, 2009
South Africa’s Atlantis Forge Ltd., a supplier of crankshafts and camshafts for the automotive and heavy-equipment industries, was forced to shut down in late February after its creditors refused to ship any more raw materials to be processed. The shutdown idled 400 union workers in an already economically troubled area of the country. South Africa’s state-owned Industrial Development Corporation (IDC) holds a 46% stake in Atlantis Forge, prompting some political fallout and the possibility of government intervention to help prevent the firm’s complete liquidation.