Lovol Arbos Group SpA takes control of Goldoni SpA

Goldoni S.p.A. joined Lovol Arbos Group SpA

Logo Goldoni payoff

On December 24, 2015 the Court of Modena, after a close and an in-depth examination, formalized the "Admission" of the composition with creditors procedure to rescue the Company Goldoni SpA pursuant to and in accordance with Articles 161 and 186 of the  Italian Bankruptcy Law.

The presented rescue plan is stating and is making "Chrystal clear" that Lovol Arbos Group SpA takes control of Goldoni.Lovol Arbos Group is an industrial and investment Holding, 100% owned by Lovol Heavy Industry Ltd. based in Weifang, Shandong Province in the People’s Republic of China.

This is a crucial milestone for the rescue and the industrial revitalization of Goldoni the historical company based in Migliarina di Carpi (Modena), focused on the production of vineyard and orchard  tractors, agricultural transporters and motor cultivators.

Thanks to an interim financing authorized in mid-November by the Court of Modena and promptly activated by Lovol Arbos Group SpA, the preparatory activities for the manufacturing re start up  are already underway and it is expected to restart the assembly lines by the middle of current month of  January.

"The Goldoni SpA’s rescue plan is based on three fundamental points - said Mr. Andrea Bedosti, Managing Director of Lovol Arbos Group SpA – that are:

 

Ÿ- A preliminary and immediate working capital injection to make possible the quick restart of manufacturing activities in order to reassure employees, suppliers and customers on the industrial future of the Company

- A significant recapitalization of the Company to reinforce the asset base of the Company and provide a satisfactory solution for the creditors. The  clear purpose  is  consolidating,  safeguarding and strengthening working relationships for the future of Goldoni.

- A 3-year business plan development, which provides for the full relaunch of the Company through the modernization and an extension of the product range, the radical change in manufacturing techniques (lean manufacturing) and the expansion and internationalization of the distribution network, able to capitalize on competences and  synergies by the Head Quarter Lovol and by Lovol Arbos SpA,  which, among other facts,  recently presented a new range of open field tractors between 100 and 260 HP at Agritechnica 2015 in Hannover.

"The admission of our rescue plan of Goldoni SpA” concluded Mr. Shen Yang, President of LovolArbos Group SpAand new board member of Goldoni SpA, “is another important step of the globalization strategy pursued with determination by Lovol, which started to invest in Italy from 2011. In the last five years we have been able to create in Italy an innovative R&D center in which three families of open field tractors have been created. At the end of 2014 we acquired MaterMacc SpA, located in Friuli Venezia Giulia, a company specialized in pneumatic seeders. The rescue and restart plan of Goldoni SpA is in line with Lovol’s globalization strategy. ”

Info about Lovol Heavy Industry LTD

 

The Headquarter of Lovol Heavy Industry Ltd. is Weifang of Shandong Province, one of the areas of major industrial and agricultural development of China. Lovol in 2015 reached revenue of about EUR 3.3 billion with approximately 16,000 employees. Lovol is active in the agricultural equipment, construction machines, and low-speed vehicles. In China, Lovol is the market leader of agricultural equipment, and sole provider of full agriculture solution. For 2015 Lovol has been confirmed leader in China with a market share of  40% (tractors) and  with 32% (combine harvesters) respectively.