Rapid Granulator AB is proceeding as planned with its restructuring to ensure a strong and prosperous future for the Rapid Group and its customers around the world. Rapid announced today the winding up of its Moditec subsidiary based in Lyon, France. This is the latest move in a series of cost reduction steps and organizational changes that have already been implemented by Rapid.
Rapid acquired the Moditec business in 2007 in order to develop its market position in screen-less granulators. Rapid will continue to offer its own line of screen-less granulators and provide support to all of its customers who already own Moditec-branded products.
France is the third largest polymer consumer in Europe and is an important market for the Rapid Group. Rapid saw strong development in its activities in the French market in the last quarter of 2009 and beginning of 2010.
On January 1, 2010 Rapid increased its stake in its French sales and service company Albro Technologies from 20% to 100% in order to strengthen the company’s distribution capability and access for French customers to its extensive product portfolio. Albro sells a wide range of auxiliary products to the French plastic producing market including Rapid granulators, shredders and screen-less machines.
Rolf Gren, Rapid CEO, comments: - We are confident in our ability to continue to serve this important market, and believe we will be able to do this even more effectively in the future through Rapid as full owners of Albro.
- We have committed to some very difficult decisions to secure the financial status of the Rapid Granulator AB since announcing the reconstruction process on October 23, 2009 - continues Rolf Gren. - However, I am pleased to report that support for our customers has been unaffected during these changes and we are already seeing a strengthening of our operations. We anticipate being through the reconstruction within a short period of time.
Rapid takes next step in restructuring process