CREMONA, ITALY — Ocrim SpA, a leading milling engineering and manufacturing company established in 1945 by Guido Grassi, said in January that it has closed an important chapter of its history and is turning a new page oriented on a consolidated financial position, a firm and stable proprietorship, a renewed partnership with sub-suppliers and an innovative management.
With ownership having been consolidated in the hands of the Antolini (Paglierani Group) and Guarneri (RGM Group) families, and under the leadership of Chief Executive Officer Claudio Pinassi, the company has fulfilled the second fundamental pillar of the industrial plan in order to trigger the re-launch of Ocrim.
Following intensive negotiations with the intent to fully define the technical and financial aspects, the final seal has been posted on Jan. 13, 2009 further to the agreement amongst the credit institutions. In fact, the final proceeding has been signed between the company and the banks, which have allowed the renegotiation of liabilities and achieve a significant injection of fresh funds to be integrated in the recapitalization, of which was approved last summer by the new ownership.
Ocrim said it has been granted access to an important line of credit suitable to consolidate the company’s activity. All of the credit institutions involved in the agreement have authorized the operations. On such renewed grounds, Ocrim said it will have the resources to continue and further strengthen its competitiveness for leadership in the global market.
The company said it has completed all the phases of the restructuring plan including: human resources, governance, and capital injection for further strengthening its financial stability. Company officials said Ocrim will remain strategically based in Cremona, Italy to rely on its "excellent intellectual assets and professional expertise."
Pinassi, on the day of the agreement, said: "Ocrim positively concluded its restructuring process, which started in the first quarter of 2008, with last April’s agreement of a new industrial plan submitted by the company, followed by the change of governance and substantial cash infusion. I am fully satisfied of the path undertaken, which resulted in the right choice for the re-launching of such an established and important company."
He said 2009 begins with extremely positive expectations for Ocrim, which now foresees the start of a new phase from a production and commercial perspective.
"The subsequent and important passage in terms of established relations with our suppliers has created solid grounds to strongly continue our industrial operations," Pinassi said. "The strengthening of the internal activities, in conjunction with the investments foreseen in the company restructuring plan and the transfer of previously outsourced ones to internal manufacturing, will allow Ocrim to successfully proceed on its path.
"Commercial, technology and industrial forecasts are promising, and the restructuring proved to be advantageous also when seeking an optimal approach in managing the current global financial and economical situation. I personally would like to express sincere gratitude for the support and trust relied on Ocrim by the market. Our established reputation has benefited us during this important phase."
