Italian government officials are seeking buyers for injection press maker Sandretto Industrie srl.
Sandretto, based in Turin, Italy, was bought in 2005 by Taylor's Industrial Services LLC, the parent of U.S. press maker HPM. Taylor's in 2006 asked an Italian court to put Sandretto under protection from creditors so the machinery maker could restructure its debt and improve its business.
``We turned control over to the government, and ... they have the ability to restructure the company and then look for a suitable buyer,'' said Christopher Filos, president and chief executive officer of HPM and Tinton Falls, N.J.-based Taylor's.
Filos said HPM no longer sells new Sandretto injection presses, having sold its Sandretto factory near Sao Paulo, Brazil, in April to machine-tool maker Nardini Industrias SA of Sao Paulo.
However, HPM will continue to handle parts and service for Sandretto machines, and will refer interested machinery buyers to the new owners of the Sandretto operations in Italy and Brazil, Filos said.
Italian lawyer Piercarlo Castagnetti is responsible for implementing the government-approved plan to relaunch Sandretto as an independent firm. The company has closed its headquarters in Turin. Production now is based at plants in Grugliasco and Pont Canavese, according to Plastics & Rubber Weekly, Plastics News' sister publication in London.
The company employs 200 workers, down from 345.
``We are not yet running at full power, but our budget is in line with the program approved by the government. What we now need is a new industrial owner to properly relaunch the company,'' Castagnetti told PRW.
Offers to buy Sandretto must be in by the end of September.
Taylor's bought Sandretto and Windsor Kunststofftechnologie GmbH in 2005 from Trezzano, Italy-based Cannon Group. Earlier this year, Taylor's sold the Hanau, Germany-based Windsor business to a private investment firm. Windsor makes retrofit injection units for two-shot molding.
Filos said all the changes have not affected HPM's core business.
``All the HPM products are still intact and still being marketed and sold,'' he said.
HPM is headquartered in Mount Gilead, Ohio. The company makes large-tonnage injection molding machines and sheet extrusion lines.