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Thursday, June 11, 2009.

From Creamer Media in Johannesburg, I'm Shannon O'Donnell.

Making headlines today:

South Africa's manufacturing output declined by a record 21,6% year-on-year in April, with the country recording its lowest manufacturing output since January 2004.

On Wednesday, Statistics South Africa reported that the basic iron and steel, nonferrous metal products, metal products and machinery division had declined by 26,4% year-on-year in April. This contributed to 6,1% of the decline.

Economists.co.za director Mike Schussler said that while a decline in output was expected for April, especially given the number of public holidays during that month, the fact that the decline was over 20% showed that it was really "bad out there.

A number of sub-sectors had shown massive declines in April, with only the dairy products and beverages sectors moving up slightly.

JSE-listed building and civil engineering firm Basil Read has announced that it would buy a group of companies for 345,5-million-rand.

Basil Read said that the acquisition of Mvela Phanda Construction, Contract Plumbing and Sanitation, and P. Gerolemou Construction, would compliment its building division, and would add to its order book as well as add additional resources and management skills.

The acquisition of the group would represent an earnings enhancement for the company.

The acquisition would be settled in cash and would be funded through the raising of 240-million-rands worth of debt, through a 1-billion-rand Basil Read Holdings medium-term note programme, listed on the JSE.

Also making headlines:

African leaders are urged to focus on the post-crisis economy.
State support triggers an Eskom outlook revision by Fitch.
The Coega Development Corporation embarks on a promotional campaign throughout Europe in a search for possible investors.
And, OR Tambo International Airport will use the Confederations Cup to test airport policies and procedures.

That's a round up of news making headlines today. For more on these and other stories please visit engineeringnews.co.za.