10 Oct Agrati France acquisition of 100%
Agrati Group is pleased to announce to have finalized the acquisition of Agrati France becoming the owner at 100% of the company.
The acquisition represents the consolidation of the operation launched in March 2010, where American Platinum Fund had been taken the majority of French plant Vieux-Condé, Fourmies and La Bridoire by Agrati Group while the rest by the Automotive Equipment Manufacturers Modernisation Fund (FMEA).
In 2010 the French Companies were in serious financial trouble with a negative Ebitda and revenue for 101 million euros.
The local authorities have encouraged the acquisition of Agrati Group with the specific intention of maintaining employment and functionality of establishments, so much so that inside the operation had also entered the Fund participated by OEMs and the French Government that now exits.
The restructuring plan, defined by Agrati Group, allowed, with some difficulties, to recover the financial stability and profitability of the French Companies.
The plan was developed through a strong program of investment in new plant and machines, accompanied by a clear recovery of productivity and with the collaboration of all workers.
The 100% consolidation of the French plants ownership coincides with the beginning of a new phase of investment, particularly for the plant of La Bridoire in Savoie which will allow to the French companies and to Agrati Group to reinforce their leadership position among the fasteners producers in the global automotive market.