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$30-million capital injection by Metricon owners

Friday, 27 May 2022

$30-million capital injection by Metricon owners

The owners of Australia’s biggest home builder – Metricon, have announced they will inject $30 million of additional capital into the Metricon business as a demonstration of their commitment to the future of the company.

Industry and media speculation following the sudden and unexpected death of company Founder and Chief Executive Officer Mario Biasin is now impacting on Metricon together with the general speculation about the health of Australia’s construction industry.

Acting CEO Peter Langfelder said ongoing rumours were beginning to impact on the company, and Metricon’s owners wanted to demonstrate in real dollars -their own- and not just words their confidence in its future.

“We have previously said that our company has a proven history of success and remains profitable and viable and that we have the full support of our key stakeholders.”

“We have also appreciated incredible support from many of our customers, suppliers and trades – but sadly, this hasn’t been enough to reinstall the complete confidence of the broader industry,” Langfelder said.

“This significant injection of capital by the owners demonstrates to our customers, employees, sub-contractors and suppliers our confidence in the viability, profitability and future of the Metricon business. We hope it may help cultivate a groundswell of support for Metricon, which is a great Australian success story.”

The company also announced its long-term banking partner – the CBA today approved a 100% increase of Metricon’s existing working capital facility.

“We are so appreciative of the bank’s support – which demonstrates its confidence in our future.”

Langfelder said whilst industry conditions are challenging the entire sector, Metricon has always been confident of weathering this storm and powering ahead with plans for growth.

Metricon executives will continue talks with all key stakeholders in relation to support packages aimed at assisting the entire construction industry.

Metricon Homes employs approximately 2,500 staff across Australia’s eastern seaboard where 4,000 houses are currently under construction.