CORPORATE NEWS:
More change at Nextrom
After less than six months as part of Austria’s Knill Group, Nextrom’s ownership structure has changed again.
The company’s first half results were
worse than expected with the company receiving new orders worth just CHF 4m (US$3m) compared to CHF 12m (US$9.5m) in the same period last year. Georg
Knill, Nextrom’s Chief Executive Officer, took decisive action and announced on
1st September that the business was to undergo a major restructuring programme. The loss-making fibre optics companies were to be sold to Knill Beteiligungs GmbH – a private investment company owned by Mr Knill and his brother Christian.
The slimmed-down Nextrom – including the successful manufacturing unit in Shanghai offering OEM services to various industries – was to be sold to CommCept AG, a firm of Swiss private equity investors.
Following an extraordinary meeting of Nextrom’s shareholders on 3rd October, it became clear that the restructuring plans could not be completed “in the planned time frame due to a preliminary ex parte court injunction provoked by Maillefer SA”.
Added to this was the prospect of a significant turnkey contract for Nextrom. The company had received a Letter of Intent for a US$120m project in the Middle East which could include up to US$70m of Nextrom machinery. Knill Beteiligungs GmbH has undertaken to compensate Nextrom Holding should this contract materialise.
The sale of Knill Group’s majority share-holding in Nextrom was approved at the meeting – dependent on the court’s decision. Similiarly Nextrom US and Finland will remain Knill-owned and trade as normal.
Company: |
Nextrom Holding SA |
Country: |
Switzerland |
Fax: |
+41 21 804 8401 |
Email: |
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Website: |
www.nextrom.com |