NEWS Novares rapidly exits receivership


Novares Holding, the automo- tive industry injection mould- er, exited pre-receivership legal proceedings in France at the end of May, one month after officially starting the proceedings. The company says that the deal it reached has secured its future, “allowing it to continue to serve its customers and reopen sites globally, when conditions allow”. Novares was suffering


severe short-term liquidity problems caused by the Covid-19 pandemic, on top of a long-term slowdown in the automotive sector. As a result, it closed 40 of the 45 plants it operates in 23 different countries and applied on 29 April for redressement judiciaire, which is similar to the US Chapter 11 bankruptcy system, for the holding company. In May, a continuation plan was put


together, while seven parties made offers. These included a buyout proposal from Akwel, a manufacturer of automotive and HGV equipment and systems specialising in fluid management, which is of a similar scale to Novares and is seeking to


Franz leaves Haitian board


Professor Helmar Franz has resigned from the board of Haitian International Holdings, but will continue to chair the strategy development committee. Franz joined the Haitian Group as EVP of strategic business development in 2005 and following its listing on the Hong Kong Stock Exchange served as chief strategy officer and later as a non-executive director. The Ningbo-based company is also reducing the numbers on the board in order to operate more efficiently. � www.haitian.com


6 INJECTION WORLD | June 2020


Above: Novares’ facility in Leiria, Portugal, produces component systems such as instrument clusters, radio bezels and HVAC bezels for car interiors


build a stronger presence. The continuation plan was agreed, based on a €146m package compris- ing: a €71m loan from banks under the French PGE State Guarantee Scheme; and €45m in loans and €30m in equity from its two main shareholders, Equistone Partners Europe and Bpi- france’s Avenir Investment Fund, which own 72% and 15% stakes respectively. The deal has been agreed by all


shareholders and 84% of creditors. The


Court of Nanterre gave its approval on 28 May, said Novares in a statement in which it revealed that 13 of its 19 European sites had reopened in France, Spain, Italy, Portugal, Serbia, Turkey and Romania, “with better than expected production rates. In parallel, Novares’ total debt has been significantly reduced and converted into equity.” “We are pleased to have found a deal that gets us over this short-term liquidity hurdle and allows us to continue the Novares journey,” said CEO Pierre Boulet in the 28 May statement. “Novares was a solidly-performing company when the pandemic hit, and will continue to be so.” It aims to restart its North American sites shortly, he added. Novares turned over about €1.4bn in 2019 and employs 9,429 people, including 1,353 in France. In addition to its 45 manufacturing plants, it has eight skill centres, nine technical centres and 24 customer service centres worldwide. Almost all of the major automotive OEMs and many Tier 1 companies are its customers. � www.novaresteam.com


Berry and Mondelēz in recycling alliance


Rigid packaging player Berry Global and its long-standing client, the snack foods giant Mondelēz Interna- tional, have concluded a collabora- tion to supply packaging containing recycled plastic for the Philadelphia brand of cream cheese. The packag- ing will contain plastic material recovered using recycling technol- ogy based on Berry’s existing partnership with SABIC, which was announced earlier this year. The agreement is described as


part of Berry’s “list of initiatives to advance towards a more sustainable future”, which include investment in mechanical and chemical recycling, the use of recycled material in products and global commitments to address plastic waste in the environment. Last year, Berry committed to all of its fast-moving consumer goods packaging being reusable, recyclable or compostable by 2025. � www.berryglobal.com


www.injectionworld.com


IMAGE: NOVARES


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