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Case Study – Italy / China

Closing of a business line at an engineering company

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Finding a potential buyer for a company in the field of food processing

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Company Details

  • The company is a subsidiary of a global producer and processor of food products
  • The company builds and installs turnkey facilities for food production
  • The annual turnover was €15m
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Situation and Challenge

  • The business is loss-making with no relevant market share
  • A liquidation scenario was proposed to the board of directors
  • Main challenges: short term liquidation date, claims from key customers, reputational damage and financial impact with negative EBTDA and cash flow
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Objective ans Tasks

  • Selling of the main assets and liquidation of Chinese subsidiary
  • Avoiding a dismissal procedure, reducing political and social impact
  • Settlement agreements with the main customers in China
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Measures and Procedures

  • Finding a potential buyer and assessment of outstanding contracts
  • Reducing number of employees with spontaneous dismissal
  • Stopping order intake for new machines and processing order backlog
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Results and Achievements

  • Achievement of a net purchase price of €2m. The buyer takes over the majority of the existing projects. All employees are taken over
  • Saving of an EBTDA effect of €4m and a positive cash flow of €2.6m
  • No impact on the image of the parent company
  • Good financial and economic impact

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