Autonomy for Mostardini

21 May 2002

Italian leather machinery manufacturers, P Mostardini & Figli SpA, are understood to be putting together a package which will see them become independent once again. Mostardini were part of the troubled Poletto Group and are anticipated to return as an autonomous company in a similar way to Speaking at the APLF in Hong Kong, president Foresto Mostardini told Leather International that the firm was in negotiations with the company's bankers and a final decision their future would become clear very soon. The company own enough land and property to cover their debts which they will either lease or sell to pay creditors to allow the company to continue trading. 'It is likely that we will become independent in terms of production and organisation quite soon. The management is trying to put together a rescue package, which satisfies both the banks and the workforce. I am keen to bring the company back to the marketplace as soon as possible', says Mostardini. The situation for Mostardini is a little complex as they have a large site, which occupies four factory units including Gipra who are also part of Poletto. ' are more autonomous than we are as they only occupy their own site. We have to clarify a number of things before we are able to continue as an independent', said Mostardini. Mostardini were sold to the Poletto Group three years ago and they specialise in producing hydraulic embossing presses and other finishing equipment.

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