Taylor's Industrial Services LLC has asked an Italian court to put Sandretto Industrie srl, its Turin, Italy-based injection press business, under protection from creditors so Sandretto can restructure its debts and operations.
Tinton Falls, N.J.-based Taylor's Industrial also owns HPM, which makes injection molding machines, extrusion lines and die-casting machines in Mount Gilead, Ohio, and Windsor Kunststofftechnologie GmbH of Hanau, Germany, that makes retrofit injection units.
Taylor's bought Sandretto and Windsor in March from Trezzano, Italy-based Cannon Group.
Taylor's remains the only owner of Sandretto. In a statement, Taylor's said the request for court protection will enable management to improve the business.
``While many operational and commercial changes were made over the last nine months by the Taylor's management team, many more changes need to be made,'' the company said.
Sandretto Industrie will continue to make injection presses and provide service and support for existing customers during the reorganization.
Taylor's Industrial Services said the court petition in Italy does not affect its other plastics equipment businesses, including Sandretto USA and Sandretto's assembly factory in Brazil.