ULTRA NOVA produced 20 million saw blades per year for a turnover of €17 million. Heavily attacked by Chinese competition prices, it was placed in receivership by the Roanne Commercial Court for the third time in 10 years.
The small Indian company, Trident Tools (CA € 7M), the only one in the running for the takeover, may have done the trick of the year by taking over 82 employees out of 110, stocks and 30,000 m² of buildings for the modest sum of 300,000 euros.
The financing of the restart is ensured, not by the buyer, but by an advance of €1 million paid by a real estate developer who will take over the site for €3.5 million.
Trident Tools with its brand Magicut will benefit from the experience of ULTRA NOVA and will open the European market thanks to the distribution network in Europe of a French company making twice its turnover.
This strategy of penetration of the European market by companies from emerging countries will develop more and more in the coming years.
For more information : France3 et Trident Tools