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.
Ghislain Segard, President of Nipson SAS: “We would therefore like to express our gratitude to our staff, our distributors, our suppliers, and not least our clients for their continued support and without whom we would not have been able to achieve what we have achieved today. We realize we are very privileged and we hope they will continue to trust us.”
Nipson SAS has already planned to attend two important events in the short term: the PRINT 09 international trade show, which takes place from 11-16 September in Chicago, USA, and Labelexpo Europe 2009, from 23-26 September in Brussels, Belgium.
Nipson develops, produces, and markets state-of-the-art high-speed digital printing systems and related consumables. The firm’s monochrome digital presses, with their unique magnetographic printing technology and cold flash fusing, offer outstanding quality, speed, reliability, and cost benefits for variable content and on-demand print applications worldwide. Nipson customers around the globe are using the company’s proven, reliable, and flexible technology for a wide variety of applications such as statement and bill printing, check printing, direct mail, tags and label printing, security and identification printing, and on-demand printing of document and books. Nipson, headquartered in Belfort, France has sales and service subsidiaries in France, Germany, the United Kingdom, the United States, Malaysia, and South Africa. In addition to relying on a strong direct sales force, Nipson also markets its products and services through a worldwide network of value added distributors, covering more than 50 countries.