NuKorc goes bankrupt
The world's second biggest synthetic cork maker, NuKorc, has gone bankrupt saying it has been hit by the economic downturn and the strength of the Australian dollar. The South Australian company was established in 1996 and chaired by former Constellation Wine CEO Stephen Millar. It is hoped the business will be sold as a going concern though it is said to have estimated debts of AUS$4m.
NuKorc has subsidiaries in California and Spain and was producing about 1.3bn closures a year.