At least three of the four new offers for troubled Italian injection molding machine maker Sandretto Industrie srl are ``worthy of consideration,'' said the company's government-appointed commissar Piercarlo Castagnetti. He was quoted last month in Turin newspaper La Stampa.
Sandretto has been under Italian government control since last year, when its owner, Taylor's Industrial Services LLC of Tinton Falls, N.J., asked an Italian court to place the Turin-based company under protection from creditors. Taylor's also owns U.S. press maker HPM.
Sandretto received bids in September following an initial call for offers, but the Italian government rejected those offers. A second call for offers closed Nov. 20.
According to La Stampa, bids now are being considered from Oyonnax, France-based Billion SA; Cattaneo Presse International SpA of Bergamo, Italy; and Brazil's Industrias Nardini SA of Sao Paulo. No information was available on the fourth bidder.
La Stampa quoted Castagnetti saying that the current bids are still below his expectations, ``but time is working against us. We have to close the deal before the end of the year if we don't want to lose orders and suppliers.''
