Quickstep Holdings announces closure of subsidiary

Quickstep Holdings (ASX:QHL) has announced the closure of its subsidiary, Quickstep Aerospace Services (QAS), in Tullamarine, Victoria. This decision follows the unsuccessful sale process, where no offers were received. The closure is driven by declining customer orders and growing losses, aligning with Quickstep's strategy to focus on core operations. The facility will wind down operations, targeting closure after October 31, 2024.

Quickstep Holdings strategic shift and future outlook

Quickstep Holdings has decided to close its subsidiary, Quickstep Aerospace Services, due to a lack of offers in the proposed sale process and increased financial losses. This strategic move aligns with the company's focus on enhancing core business performance, as evidenced by improvements in its Bankstown Structures business. Quickstep is committed to supporting affected employees and partners during the transition, with operations at the Tullamarine facility winding down by October 31, 2024. As Australia's largest independent aerospace composite business, Quickstep aims to consolidate its operations to sustain profitability amidst economic uncertainties.

Executive commentary on strategic decision

The closure supports our strategy to focus on core, sustainable, and profitable operations. We are actively working with affected employees, customers, and partners to ensure a smooth transition.