Nipson SAS Leaves the Procedure of 'Redressement Judiciaire'
BELFORT, FRANCE—July 3, 2009—Nipson SAS (‘Nipson’) today announced that it has left the procedure of ‘Redressement Judiciaire’, which means the company can now resume its activities under the full control of the Board. On 28 October 2008, Nipson SAS filed for the French ‘Redressement Judiciaire’ in the light of the financial difficulties which it had been experiencing, and obtained an agreement with the French Courts for a restructuring plan.
Such restructuring plan was agreed with Creacorp, majority shareholder since October 2008. The plan, involving substantial cost-cutting measures, has been fully implemented, with only some minor organizational changes left. Despite a significant reduction in headcount by 50%, the company has managed to retain the necessary competencies and its unique know-how.
Guillaume Dumarey, Managing Director of Nipson Plc and Sales and Marketing Director of Nipson SAS is satisfied: “The management and the new shareholder have always believed in the company’s future and the added-value of its unique technology. We are very pleased that all our efforts of the past eight months have been worth it. While there is no sign of a market recovery in the short term, we are confident that we have now ensured our readiness to cope with the economic crisis. That we are able to leave the procedure of Redressement Judiciaire during these times of global financial turmoil strengthens our conviction that we are on the right track.”
The restructuring activities have not prevented the company from progressing further. In February, it launched the DIGIFlex, its new black-and-white digital press, and other developments are underway for the black-and-white segment as well as for another market segment. Nipson’s new assembly and logistics center in Boizenburg, with state of the art production and demo facilities, is fully operational. And last June, at Graphitec, the company announced the start of a new sales subsidiary in France, set up in collaboration with its former distributor 2J Printing Services.