Orica ditches cycling sponsorship
Orica has stopped sponsoring Australia’s top cycling teams because of resources sector troubles.
Explosives maker Orica has pulled the pin on its sponsorship of Australia’s top cycling teams because of challenging conditions in the resources industry.
The company’s financial support for the GreenEDGE men’s team and Australian Institute of Sport women’s team will conclude at the end of 2017, “given the more challenging environment facing the resources and mining services sectors”, Orica said.
Orica’s profit dropped 33 per cent drop in the six months to March, and it expects challenging conditions to remain as weak commodity prices hurt demand from its resources sector customers. AAP
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