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Montefibre SPA announces having accepted the offer from the Spanish Group Praedium over the 90% of the shares of its subsidiary Montefibre Hispania, S.A.U., pres ently in "Concurso Acreedores" (Spanish Bankruptcy Procedure).
The merging will be done through a capital increase that will materialize within a few weeks and it is conditioned by the approval of an agreement with banks and commercial creditors and the acceptance by the work force of a new labour contract condition, in order to mitigate the important and negative impact of the new electric tariff legislation in Spain. Professor Alessandro Nova, President of Montefibre SPA, expresses his satisfaction for this agreement with Praedium that will permit to revamp the industrial activity in the Miranda de Ebro production site and to secure the continuity of the labor contract for its employees. In addition, keeping a minority share in the Spanish Company, it will allows Montefibre SPA to have access to an important acrylic fiber manufacturing site, where it will be possible to exploit projects in the field of acrylic carbon fiber precursor. Alfonso Cirera, President of the Group Praedium, believes that “future of Montefibre Hispania relies also within the intrinsic value of its Leacril brand and in a strong marketing strategy and through the increase of its sales worldwide. Actually, we are going to build up a project sustainable in the long term". In addition, Mr. Cirera insists that: “today, you have got to go out and sell with service, technical assistance and with the capability of being able to manage the fashion and the trends and we do have a lot of experience on those fields; the experience and the commitment to make it to work and without any subsidy". Montefibre Hispania is one of the European leading manufacturer of acrylic fiber, field where they are active since more than 40 years. With a capacity in their Miranda de Ebro site of about 95,000 MT per year, they produce a wide range of standard and specialties types of acrylic fibers, traded under the trade mark of Leacril, a brand very well known worldwide within the textile industry. Montefibre Hispania belongs to the Italian group Montefibre SPA.More information:www.montefibre.it - www.nylstar.com