Italy-based Marangoni Group has appointed PricewaterhouseCoopers Corporate Finance (PwC) as its financial advisor to assist the company’s management in negotiations with potential buyers of the car and light truck tyres plant based in Anagni near Rome.
Following the suspension of the production, announced last September, the Marangoni Group has reached an agreement with trade unions and institutions to ensure the continuation of the redundancy fund payments to the 400 employees of the Anagni plant until 31 December 2014. At the same time, a series of organisational and financial initiatives have been discussed and developed to promote and support the acquisition of the asset by new investors and to facilitate the resumption of production activities and the development of the commercial and technological activities that in the meantime have been transferred to Rovereto.
The Anagni plant has a production capacity of over 3.5 million pieces/year and the company has continued to nurture its relations with the market and with some important customers using existing stocks and supplementary supplies from the MTM (Modular Tyre Machinery) production area, which is currently located at the Rovereto industrial complex.
Massimo De Alessandri, Marangoni Group CEO, said in a statement: “It is our intention, as well as that of the local institutions and trade union representatives to try to ensure a future for the wealth of skills, technology, and experience located at the Anagni plant, arranging the terms of the sale of assets and the resumption of the activities through formulas and methods that satisfy a wide range of options for entry and investment.”
Marangoni, with the support of PwC, says it will soon initiate contacts with potential investors.