Von Roll spins-off two loss-making production sites in france
During the course of the Corona crisis, the Von Roll Group has critically reviewed all global activities in order to focus its human and financial resources within the Group even stronger on business areas with a high future potential.
As a result of this assessment, the Board of Directors has decided to stop providing any additional financial funds to the two production sites in Delle, France (Delle Fil SAS, Von Roll Isola France SA). Accordingly, an application has been filed today with the Commercial Court for opening judicial reorganization proceedings (redressement judiciaire) for the two companies mentioned above.
The Von Roll Group has been supporting its deficit-making sites in Delle for more than 20 years with substantial human resources and financial funds to cover losses. Over the last 3 years, the companies have generated an average net loss of around CHF 4 million per year.
Most of the products manufactured at these sites are commodities with a sales volume of around CHF 40 million. The two locations recently employed a total of around 150 people.
This decision affects only our two plants in Delle and the very limited portfolio of wire and composite products produced there. The two remaining sites in Meyzieu and Valdoie in France as well as the remaining 10 production sites of the Von Roll Group worldwide are not affected in any way.
With current cash funds of around CHF 60 million, the Von Roll Group is well financed even in times of Corona and has enough room to grow the remaining 12 locations worldwide as well as new business opportunities.
About Von Roll Holding AG: As a Swiss industrial company, Von Roll Holding AG focuses on products and systems for power generation, transmission, storage and distribution. Von Roll is a global market leader for electrical insulation products, systems and services and has a worldwide presence in 14 production sites with around 1,200 employees. The company supplies customers in over 80 countries.
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This press release is based on information currently available. Unforeseeable risks and influences may lead to discrepancies with the statements made here. For more information on the company and its business performance, please refer to the Annual and Semi-Annual Report of Von Roll Holding AG which is available in digital form at https://www.vonroll.com/en/.