PEGUFORM
Sweden´s Plastal is now lone bidder for French company / Bidders line up for German offshoot
The future of Peguform France SA (F-27950 Saint Marcel) was still hanging in the balance as Plasteurope.com went to press. As part of an auction for the company´s activities, scheduled to end on 15 March 2003, two companies initially submitted bids. With the deadline approaching, only one was left in the “race”, Sweden´s Plastal group (HQ: S-44240 Kungälv; www.plastal.com). Canadian automotive supplier Decoma International Inc. (Ontario, Canada; www.decoma.com) part of the Magna group (Aurora, Ontario; www.magnaint.com), withdrew its bid. The Canadian firm, which had planned to invest EUR 10 bn in Peguform, gave no reason for its decision.
Injection moulding specialist Plastal, like Peguform and Decoma an important automotive supplier, has production facilities at 11 European locations, but up to now has not been active in France. The Swedish company, which has annual sales of around EUR 3.4 bn, employs 2,220 at sites in Belgium, Finland, Italy, Norway, Poland, Spain and Sweden. Since 2001 Plastal has been owned by Dutch venture capital group Gilde Investment Management along with its own management.
The insolvency of Peguform France is not directly related to that of Germany´s Peguform GmbH & Co KG (HQ: D-79261 Bötzingen; www.peguform.de). The problems in France date back to the end of 2001. At the beginning of 2002, more than a third of the workforce was eliminated at injection moulding site Pouance. Nevertheless, there are ties between Peguform group companies that could raise questions if the bankrupt national offshoots are sold to different buyers. The Peguform plant at Chodova Plana in the Czech Republic, for instance, is managed by Germany´s Peguform but is owned directly by the former Peguform parent company Venture Holdings Trust (Fraser, Michigan / USA; www.ventureindustries.com).
Peguform employee representatives at Bötzingen would like to see Plastal also take over the German company, which insolvency receiver Jobst Wellensiek said will be sold as a unit. Keeping the European businesses together is “extremely important” to secure the future competitiveness of the company, said works council chairman Gerhard Amman. According to Wellensiek, a number of companies are lining up to acquire Peguform Germany. The bidding process could take several more months.
Injection moulding specialist Plastal, like Peguform and Decoma an important automotive supplier, has production facilities at 11 European locations, but up to now has not been active in France. The Swedish company, which has annual sales of around EUR 3.4 bn, employs 2,220 at sites in Belgium, Finland, Italy, Norway, Poland, Spain and Sweden. Since 2001 Plastal has been owned by Dutch venture capital group Gilde Investment Management along with its own management.
The insolvency of Peguform France is not directly related to that of Germany´s Peguform GmbH & Co KG (HQ: D-79261 Bötzingen; www.peguform.de). The problems in France date back to the end of 2001. At the beginning of 2002, more than a third of the workforce was eliminated at injection moulding site Pouance. Nevertheless, there are ties between Peguform group companies that could raise questions if the bankrupt national offshoots are sold to different buyers. The Peguform plant at Chodova Plana in the Czech Republic, for instance, is managed by Germany´s Peguform but is owned directly by the former Peguform parent company Venture Holdings Trust (Fraser, Michigan / USA; www.ventureindustries.com).
Peguform employee representatives at Bötzingen would like to see Plastal also take over the German company, which insolvency receiver Jobst Wellensiek said will be sold as a unit. Keeping the European businesses together is “extremely important” to secure the future competitiveness of the company, said works council chairman Gerhard Amman. According to Wellensiek, a number of companies are lining up to acquire Peguform Germany. The bidding process could take several more months.
20.03.2003 Plasteurope.com [14888]
Published on 20.03.2003