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Investment fund candidate to take over Molex plant

HIG is a candidate for the partial takeover of the Molex site in Villemur-Sur-Tarn, which has been closed down by its US shareholder.

The investment fund HIG Capital is a candidate for the partial takeover of the Molex plant in Villemur-Sur-Tarn, announced Monday, September 14, Christian Estrosi after a meeting with representatives of site staff and Olivier Boyadjian, president of the American fund. The signature should intervene “in a few hours” between HIG and the management of Molex for the partial recovery of the automotive connector factory, said the Minister of Industry.

According to Christian Estrosi, the US group is ready to sell “the plant to HIG for a symbolic euro with machines and molds for end-of-life products.” Molex guarantees for two years a turnover of about 2 million euros to HIG Molex brings 5.4 million euros in cash and the state is committed in the form of a loan http://texasautoinsurancecosts.com/casino-facts-seattle-and-puget-sound-area/ a total noob of 6.6 million euros to guarantee investments to achieve.

The US fund, already established in Europe, which holds stakes in several sectors (aeronautics, distribution, industry), “could gradually recruit 50 to 60 people” for “the activity of the coming months” and eventually allow the site ” find a number of employees equivalent or better, ” said the minister. “This is not the end of the activity, it is a recovery of some of the activity and diversification,” assured Christian Estrosi, strongly involved in the case.

But according to union representatives, this level of turnover would keep only 15 jobs out of the 283 employees working on the site. “Molex is leaving us the end-of-life products, it’s not at all that corresponds to the battle of the Molex employees, ” said Denis Parise (CGT), secretary of the EC, at the end of the meeting. “It’s hard to hear that.We will decide tomorrow morning in general assembly if the EC makes an opinion or not on the social plan and on this project” of this US investment fund already installed in Europe, did it -he adds.

ESTROSIUS THREATS

“We can not make a positive opinion for 15 people, what are we going to say to the rest of the 283 employees? Something is wrong, ” said Guy Pavan, CGT delegate. The management of Molex, who was not attending the meeting, has several times agreed to meet with “companies likely to reindustrialize the site” which employs 283 employees, after his planned departure by the end of September.

Specialized in automotive connections, the US group Molex has planned to close the 31 October factory in Villemur-Sur-Tarn, which it considers unprofitable, and said it is ready to sell for a symbolic euro. On September 3, President Nicolas Sarkozy said that the state was ready to give its guarantee to a prospective buyer, accusing Molex to prevent there being one. The day before, Christian Estrosi had threatened to ask “officially the French car manufacturers to immediately suspend any order of material including products manufactured by Molex”, if the plan of recovery that it supports was not accepted.

Molex had previously declared that it had ended discussions with a potential buyer, who was already HIG Capital, explaining that it did not offer a “credible” plan or an investment that could preserve employment. The company has always rejected the term “buyer” because the US group wants to continue its connectivity business in the United States and China by keeping its products and its French customers (PSA and Renault).