The liquidators of Chemical Specialities (ChemSpec), a distributor and maker of industrial, decorative and automotive paint systems, were selling stock, assets and registering debtors, the group said on Friday. The company was placed into provisional liquidation on August 5, with the Durban High Court appointing joint provisional liquidators, after major shareholders decided not to inject additional capital into the business this year.
“It is premature to determine whether a dividend will be paid to concurrent creditors. A recovery for shareholders appears to be extremely unlikely,” ChemSpec said. “Shareholders are advised that the liquidation process is ongoing and that the trading in the shares of the company remains suspended.”
The group operated in both domestic and international markets. Former Grindrod chairman Ivan Clark was a significant shareholder, supporting a protracted turnaround process. In recent years, ChemSpec raised R528m through the market, substantially higher than its market capitalisation. ChemSpec financial director Jonathan Maehler was not able to respond to telephone calls and e-mails on Friday, requesting comment on the liquidation.
SA???s chemical sector has suffered production disruptions because of Eskom???s erratic power supply, while also facing growing imports.
Spanesi Americas has announced the appointment of Williams Collision Equipment, led by owner Tim Williams, as its distributor for the US West Coast. Williams Collision Equipment will be distributing the complete Spanesi product line in Northern and Central California as well as Northern Nevada” said Timothy Morgan, Managing Director of Spanesi Americas. “I have previously worked with Tim for nearly 15 years and know that his experience in the collision repair industry will be extremely valuable as we continue to grow and provide exceptional products and service to our customers and the collision repair industry.”
Tim Williams brings more than 40 years of experience in the collision industry to Spanesi Americas. His experience includes all phases of collision repair beginning at the painter’s helper level and advancing over several years to a full structural repair technician. Tim’s experience then grew into equipment sales, where he also provided support, in-shop training and technical services to his customers. Since 2002, Tim has been instructing courses on various topics including vehicle design, collision theory, computerised measuring and damage analysis, full frame repair and the use of secondary anchoring and fixturing systems. All in accordance with many of the OEM certified collision repair programmes and approved by the I-CAR Industry Training Alliance. Tim has also worked with several major insurance companies, conducting classes and seminars to help appraisers in the field gain a better understanding of the collision repair process.
“I’m very excited and pleased to be joining forces with the Spanesi organisation” said Williams. “Those of us in the equipment segment of our industry recognise Spanesi for their passion, quality, and innovation which truly makes them a major influence in the industry. Spanesi’s emphasis on creating systems with the technician in mind is a compelling argument for any body shop looking to invest in their future.”
Tim Williams of Williams Collision Equipment