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January 22, 2014

Marangoni wants to sell tire plant in Italy

The Marangoni Group is serious about selling its consumer tire manufacturing plant in Anagni, Italy. It has hired PricewaterhouseCoopers LLP (PwC) to help with the sale.

As financial advisor, PwC soon will assist the company's management in negotiations with potential buyers of the plant.

Following suspension of the facility's production of passenger and light truck tires last September, the Marangoni Group 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 Dec. 31, 2014.

At the same time, a series of organizational and financial initiatives has 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 (Italy)," according to Marangoni.

"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," says Massimo De Alessandri, Marangoni Group CEO.

The Anagni plant has a production capacity of more than 3.5 million tires per year.

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