ACL CLOSURE ON 30 JUNE 2014
As some of you may be aware, the Australian company ACL, who manufactures the ACL Race series bearings for our engines, has been in receivership for the past 12 months.
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What is a 'Receivership' you ask?
A company most commonly goes into receivership when a receiver is appointed by a secured creditor who holds security over some or all of the company’s assets (for example like a bank holding your home as security if you fail to pay your mortgage). The receiver’s primary role is to collect and sell sufficient of the company’s charged assets to repay the debt owed to the secured creditor. Explained here: http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Creditors%20-%20Receivership .
Basically, if during receivership the financial/operational status of the company doesn't look good and sales of the company's assets cannot repay their owed debts, then the company may end up going into liquidation. Liquidation in turn means the company may be wound up and cease to exist anymore. This may occur either by the sale of assets and monies distributed to who the company owes its debts to, or if the company's members or the courts decide to cease the company's existence.
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The following message has been up on ACL's website since April 2013.
The Receivers and Managers of Automotive Components Limited (Receivers and Managers Appointed) (In Liquidation) (ACL) announced on Monday, 29 April 2013 that ACL is being offered for sale.
The sale process includes the Australian operations comprising ACL Bearing Company (Launceston, TAS) and ACL Gasket Company (Brisbane QLD). ACL's wholly owned New Zealand based distribution business, Automotive Components NZ Limited, was placed on the market in December 2012.
In the meantime, ACL is continuing to trade business as usual and we look forward to the continued support of our key Customers and Suppliers.
A few days ago on the 28th April 2014 whilst on Facebook, (12 months after the company has gone into receivership), I noticed Mick from Micks Motorsport said that ACL was closing down. He posted a pic of a whole heap of stock he had purchased for himself in preparation of the closedown. See attached pic.
Now Mick builds engines all the time and I figured he's in the loop and must know something that's not common knowledge yet. Therefore I emailed ACL directly to find out just how dire the situation is and whether the supply of our favourite ACL Race bearings is under threat.
This is the response I received.
[SIZE=10pt]Hello Rob,[/SIZE]
[SIZE=10pt]Thankyou for your enquiry.[/SIZE]
[SIZE=10pt]ACL has been under the control of Receivers & Managers since 26 August 2009. The Receivers have made every attempt to sell the business as a going concern however, have been unsuccessful. As a result it was announced on 30 July 2013 that the business would progress to full close by 30 June 2014.[/SIZE]
[SIZE=10pt]We are currently well progressed with our final manufacturing runs.
I trust this clarifies the situation.[/SIZE]
[SIZE=10pt]I appreciate your support of ACL.[/SIZE]
[SIZE=10pt]Best Regards[/SIZE]
[SIZE=12pt]Chris Brooks | General Manager[/SIZE]
[SIZE=10pt]ACL Bearing Company
Division of Automotive Components Limited
(Receivers and Managers Appointed) (In Liquidation)[/SIZE]
Now I don't know about you, but "full close by 30 June 2014" and "final manufacturing runs" doesn't sound good to me at all!!! I can see now why Mick stocked up on the bearings ASAP before SUPPLY dwindles and the DEMAND forces up the price of what is currently left in stock at your local parts store/ workshop until they run out forever.
The horse has already bolted so I just ordered myself 2 x sets of ACL Race Mains and Rod bearings from Modern Automotive Performance (MAP) tonight. They are the cheapest suppliers I have found at the moment with postage to Australia only costing me $41.
I suggest that those of you who are planning on building an engine soon or anticipate a rebuild or two down the track, seriously consider getting in early before the news spreads worldwide and demand > supply.
Part numbers for ACL Race Bearings:
4G63 - 1G DSM GVR4 6-bolt blocks.
Rods: 4B1146H-STD
Rods: 4B1146HX-STD (with + 0.001" extra oil Clearance)
Rods: 4B1146H-0.25 (0.25mm oversize)
Mains: 5M1144H-STD
Mains: 5M1144HX-STD (with + 0.001" extra oil Clearance)
Mains: 5M1144H-0.25 (0.25mm oversize)
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4G63 - 2G ECLIPSE / EVO I-III 7-bolt blocks.
Rods: 4B1185H-STD
Rods: 4B1185HX-STD (with + 0.001" extra oil Clearance)
Rods: 4B1185H-0.25 (0.25mm oversize)
Mains: 5M1186H-STD
Mains: 5M1186HX-STD (with + 0.001" extra oil Clearance)
Mains: 5M1186H-0.25 (0.25mm oversize)
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