More than 150 jobs lost as Oceania Glass closes Dandenong South glassmaking plant

Victoria’s manufacturing sector has been dealt a fresh blow with efforts to find a rescue buyer for Melbourne-based Oceania Glass failing, resulting in the loss of more than 150 jobs.

The nation’s largest glass maker, Oceania Glass, collapsed owing 230 creditors more than $60m.

The nation’s largest glassmaker will close its Dandenong factory, resulting in the loss of more than 150 jobs, after efforts to find a rescue buyer failed.

Administrators for Melbourne-based Oceania Glass on Thursday said they had been unable to find a buyer for the Dandenong South-based business which toppled into administration earlier this month.

Oceania is the nation’s only maker of architectural glass used for homes and offices.

Grant Thornton administrator Lisa Gibb said she had made the “difficult decision” to close the company’s Dandenong plant, resulting in the immediate loss of 56 jobs.

The Dandenong plant of Oceania Glass is closing. Picture: Dean Marzolla

Another 95 redundancies are expected in the coming weeks as the plant is wound down, Ms Gibb said.

“We acknowledge this latest outcome is stressful for employees and their families and are providing support services to those affected,” she said.

“We wish to extend our thanks to the employees of Oceania Glass for their patience and co-operation during this difficult time as we begin the process of ceasing manufacturing operations at the Dandenong factory.”

Ms Gibb said a distribution facility co-located at the Dandenong plant will continue to trade over the next few weeks while administrators try to find a buyer for Oceania’s national distribution business.

A number parties had expressed an interest in buying these assets, Ms Gibb said.

“Further updates will be provided in due course,” she said.

Oceania’s downfall has prompted major concerns among Victorian manufacturers who have called on both the state and federal governments to do more to support the local sector.

New details of Oceania’s mountain of debt totalling more than $100m are contained in a new report. Picture: iStock

The latest update from Oceania administrators follows the Herald Sun revealed the company collapsed owing 230 creditors upwards of $60m.

New details around Oceania’s mountain of debt — which totals more than $100m — were revealed in the latest report compiled by the company’s chairman Neville Buch and lodged with the corporate watchdog.

The highest amount owed was $48,745,473 to CCP VI VG Holdings, a related entity which holds Oceania’s commercial property.

It was deemed a secured creditor, meaning the company is first in line to receive this money back.

Unsecured creditors, who rank behind secured creditors, include logistics providers Toll Contract Logistics ($1,657,006) and Natrio ($1,099,762), property investment company Charter Hall ($813,880) and trucking company Symons & Clark Transport ($554,554).

Others listed included steel fabricator Gt & Ja Jones Engineering ($541,663) and energy providers Alinta Energy ($524,524), Shell Energy ($418,189) and the Australian Energy Market Operator ($369,900).

The report includes an extensive list of more than 170 assets owned by Oceania, including sophisticated manufacturing tools and equipment.

The business had close to $6.5m in the bank at the end of last year, the reports shows.

Ms Gibb, who is seeking out a rescue buyer for the business, said she had excluded the exact value of the company’s assets and the amount owed to employees from the report.

“We have omitted certain information from the report, as, in our opinion, it would seriously prejudice the achievement of the objectives for which we were appointed,” she said.

It’s understood about 250 employees are owed $45m worth of workers entitlements, taking total liabilities to more than $100m.

The report included an extensive list of more than 170 assets owned by the company. Picture: iStock

The report revealed the business was owed more than $22m.

It listed 62 companies that were in debt to Oceania, including glass manufacturers Australian Glass Group ($1,538,892), Glassworks (Aust) ($860,191), G James ($715,544), Walsh’s Glass ($503,357) and Chevron Glass ($902,821) and window supplier Ventora Glass ($1,374,490).

Nearly $10m was owed from Viridian Glass – a related company.

Victorian-based Oceania Glass was founded in 1856 and is now owned by venture capital firm Crescent Capital Partners.

It specialises in float glass, coated glass and laminated glass, and has distribution centres across Australia.

The company last year successfully argued that Chinese and Thai competitors were dumping glass products into the Australian market at subsidised prices, with the Anti-Dumping Commission initiating an investigation.

It comes after new analysis revealed Victoria had the highest number of manufacturers going bust in 2024.

Insolvency data showed 223 Victorian manufacturers collapsed last year, with many attributing their demise to high taxes, energy costs and red tape.

Originally published as More than 150 jobs lost as Oceania Glass closes Dandenong South glassmaking plant