A French tribunal is to examine 13 offers for steel producer, Ascometal’s assets at the end of April, including nine looking at the component maker’s manufacturing sites.
Ascometal, which among other competencies, makes automotive steering, injection, engine, suspension and transmission parts, is currently in administration, but has attracted considerable interest both at home and overseas.
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“These offers, essentially global and industrially ambitious, confirm Ascometal’s qualities, its industrial capacity, employee expertise and production quality, as well as the perspective the company can offer for the steel market,” said a statement from newly-appointed French Economy Minister, Arnaud Montebourg’s office.
“The operational turnaround of Ascometal will take place through a demanding investment plan, intended to strongly reposition the business as a leader in the world market of specialist steels.”
Montebourg – taking on the economic portfolio in addition to his previous role of redevelopment in France – said he would be paying particular attention to any offer’s impact on jobs as well as investment to Ascometal.
“The services of the Ministry and the judicial administrator will use the next weeks to work with takeover candidates in improving their offers,” added the statement from Montebourg’s office.
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By GlobalData“A hearing from the Commerce Tribunal [Nanterre] is scheduled at the end of April.”
As well as the automotive sector, Ascometal also supplies steel for the bearings and springs segments, as well as oil, gas and mining industries.
