Long time Bradken CEO and MD Brian Hodges will step down from the company in a difficult period as it fends off predators and struggles to cope with a moribund mining market.
Hodges spent 18 years at Bradken, taking the company from a modest domestic foundry business to a global consumables and capital products business including locomotive components, transit undercarriages and sub-assemblies.
Bradken rode high in the saddle during the mining boom, with its share price going over $14 in late 2007.
Now, however, the company is struggling, with its share price trading around $1.75.
In April, Bradken rejected a takeover offer for $2.50 per share lobbed by Koch Industries and Pacific Equity Partners, deeming it “not fair value”.
In 2015, Bain Capital and PEP had offered $5.10/share, but the bid fell through.
Bradken chairman, Hon Nick Greiner AC, said “I would like to pay tribute to Brian for his dedication to Bradken.
“Brian has led the business since the time of its IPO in 2004 and during this period he has transitioned Bradken to be a global and low cost manufacturer of differentiated products for a number of industrial sectors. Brian initiated a number of initiatives including our manufacturing footprint in China and India that will enable us to maintain our competitive edge.”