ASSET STRIPPERS IN BATTERSEA AT WORK

The 1,400 workers at the Morgan Crucible factory in Battersea, south London, know now how and when they are to become victims of a multi-million pound property development scheme.

Plans have just been announced to close the factory in the next three years and use the 1l-acre site for office development and luxury flats.

Workers at the plant have mass redundancies since 1968 TRANSFER carbon material and brush the construction through. manufacture side of the business would be transferred planning committee now stands to Morriston, near Swansea, ın their way. As yet no official Since that date the work- the requested outline pianforce has been reduced by ning permission by the Labour over 900 - largely through Council. Subscribe!

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Although the company says some work will be available in Swansea and at another factory near Battersea, almost another 1,000 workers will be forced to join the area's rapidly-growing dole queue. Asset strippers and property developers are keeping a close eye on a number of textile companies which are quoted on the northern stock exchange.

In what are known as 'shell' operations, the Barclay Securities of this world are preparing to move in.

Finding a 'shell' is the game through which ailing companies with low share prices are bought out and then pumped full of new assets. From, for example, being in textiles, the company suddenly emerges as nothing more than a property venture.

The advantages of moving in this way are that competitors are fooled by what is going on and those in the know can make enormous sums of money when the shares suddenly rocket to untold heights.

Harry Hyams started in life this way when he bought the Oldham Estates Company for next to nothing. Nowhe is a multi - millionaire and his secrecy of movement has paid off.

Shiloh Spinners is one company the greater Man- in chester area currently under the spotlight. The shares are quoted at 21p each, whereas the assets at real value would give a share price of over 39p.

The company has about 20 acres of land which is considered ripe for housing development. Two or three companies are reported to be watching Shiloh and a takeover is expected in the next few weeks.

Another firm under observation is Werneth Ring Mill. Last month the Sheffieldbased Northern Provincial Investment bought a 13} per cent stake in the company.

Since then Northern Provincial have been carefully buying more shares, although at the same time, of course, denying a take-over bid was in progress.

Ash Spinning, near Oldham, has assets which would almost more than double its current share price quotation. Other potential "shells' include Clover, Croft and State of Rochdale and Ellenwood at New Hey, near the motorway.

The latter could be used for an industrial estate or warehousing, if the tyre fabric manufacturing side were hived Labour Lord Goodman who is directin Goodman was chairman of the Arts Council whose budget the Tories slashed so viciously. He scarcely protested against this move, but he willingly Harry Hyam - his of movement through 'shell' com panies paid off, in millions. off to another textile company.

And there are a number of other companies which could soon find themselves divested of textile machinery and turned over to property development.

What this means for the workers in these factories is, of course, almost certain redundancy. While British industry slumps towards all-out collapse, the financial vultures are lining up.