ROVERETO, Italy (Jan. 22, 2014) — Marangoni Group has hired PricewaterhouseCoopers Corporate Finance to assist in negotiations with potential buyers of the firm's closed car and light truck tire plant in Anagni, Italy.
Marangoni S.p.A. ceased production of tires at the plant last September, putting 400 employees out of work.
Following that decision, Marangoni reached an agreement with trade unions and institutions to ensure the continuation of the redundancy fund payments to the 400 employees until year-end 2014.
Marangoni said it has developed a "series of organizational and financial initiatives…to promote and support the acquisition of the asset by new investors and to facilitate the resumption of production activities…."
It also is seeking to continue developing the plant's commercial and technological activities that have been transferred to Marangoni's headquarters facilities in Rovereto.
The company said it has "continued to nurture its relations with the market and with some important customers using existing stocks and supplementary supplies from the modular tire machinery production area," which was relocated to the Rovereto industrial complex.
"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," said Marangoni CEO Massimo De Alessandri, "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."
With the support of PriceWaterhouseCoopers, Marangoni intends to initiate contact with potential investors.
Marangoni, better known as a retreader and supplier of retreading equipment and materials, went into new tire manufacturing in 1988 when it took over the plant in Anagni from the former Ceat Pneumatici S.p.A. Marangoni listed its capacity as 3.5 million units annually.
How have tire prices been in the last few months?
|They've gone up 1-5%||
|They've increased 6-10%||
|They've stayed flat||
|They've gone down between 1 and 5%||
|They've gone down 6-10%||
|They've dropped more than 10%||