Componenta Corporation Stock Exchange Release on 1.9.2016 at 8.00
The liquidity of the Componenta Group has become critical due to greater than expected negative development of the turnover and profitability. The company has not been able to negotiate additional financing necessary due to this situation. Consequently, Componenta files for restructuring of the parent company i.e. Componenta Corporation and its subsidiaries Componenta Finland Oy in Finland and Componenta Främmestad AB, Componenta Wirsbo AB and Componenta Arvika AB in Sweden. As part of the arrangement it has been decided that Componenta’s Dutch subsidiary Componenta B.V. will file for bankruptcy. The intention is that Componenta Dökümcülük Ticaret ve Sanayi A.S. in Turkey will continue its operations without any official proceedings.
”Componenta Corporation has viable operations in Finland, Sweden and Turkey. Restructuring will make it possible for the parent company and its Finnish and Swedish subsidiaries to restore their capital structure and business operations and enables continuing profitable business. It is our intention to continue normal operations in Turkey,” says CEO and President Harri Suutari.
Componenta Corporation and its above mentioned subsidiaries in Finland and Sweden will file for restructuring with courts of competent jurisdictions 1.9.2016. The Dutch subsidiary will file for bankruptcy in a competent jurisdiction 1.9.2016. The filings will be processed according to the legislation of each respective country and their progress will be reported separately. The board of directors of Componenta Corporation has also decided to call an extraordinary shareholders’ meeting on 23 September 2016 to resolve upon the continuance of the restructuring filing pursuant to Chapter 20 Section 24 of the Companies Act.
Helsinki, 1 September 2016
COMPONENTA CORPORATION
Harri Suutari
President and CEO
For further information, please contact:
Harri Suutari
President and CEO
tel. +358 10 403 2200
Markku Honkasalo
CFO
tel. +358 10 403 2710
Componenta is a metal sector company with international operations and production plants located in Finland, Turkey, the Netherlands and Sweden. The net sales of Componenta were EUR 495 million in 2015 and its share is listed on Nasdaq Helsinki. The Group employs approx. 4,250 people. Componenta specializes in supplying cast and machined components and total solutions made of them to its global customers, who are manufacturers of vehicles, machines and equipment.