Today, the Economic Court in Wloclawek accepted and approved Penta's bid for the enterprise of FLiD Drumet and selected Penta as a winner of the tender. The transaction value is PLN 120 million and is subject to final documentation.
"We have vast experience in achieving successful turnarounds. Drumet has one of the best organized and modern production facilities in the industry in Europe, which along with professional and experienced staff, offers interesting potential for a quick return of the Company to the leading position in the industry. Our main priority is to re-establish the relationships with our suppliers and customers and to prove that Drumet is reliable and financially stable company again. During the next 2 years, we plan to return to company´s average historic level of annual revenues in excess of EUR 100 million," Rafal Sosna, investment director of Penta said.
Furthermore, Penta plans to re-define product portfolio of Drumet by introducing more processed products and to modernize the plant by further investments in its steel ropes' manufacturing facilities.
About Drumet
- Established in 1895 and based in Wloclawek, Drumet is one of the oldest steel wire producer in Poland
- In 2007, the company produced 120 000 tons of steel wire products and generated revenues of approximately PLN 424 million
- The company suspended its production activities in February 2009 due to unavailability to meet liabilities towards suppliers
- In January 2009, the company has filled the bankruptcy application, based on which the Economic Court in Wloclawek, has announced the bankruptcy and appointed the Official Court Receiver
- Drumet provides around 850 jobs
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