Cerealto Siro Meals, the Spain-based co-manufacturing and private-label trade, is to near a home biscuit manufacturing facility, it has introduced.
The power in Venta de Baños in Palencia province will likely be shuttered over the following two years and “includes the relocation of 100%” of the 197-strong body of workers to different team factories in Castilla y León”, the biscuits and pasta maker stated.
Cerealto Siro stated the closure is a part of a “competitiveness plan” printed in March.
The corporate stated then it used to be in talks with body of workers representatives over a plan to beef up competitiveness with an goal to “scale back its extra mounted prices”. The corporate had lately bought factories in Spain to Grupo Bimbo, the Mexican bakery massive, and to native trade government Felix Gullón.
The inside track of the ones talks got here because it used to be printed private-equity companies Davidson Kempner from america and Turkey’s Afendis Capital Control had teamed up to shop for a majority stake in Cerealto Siro Meals, which is reputed to have money owed of EUR300m (US$320.3m).
The corporate advised Simply Meals at the moment: “We aren’t running on plans to scale back headcount or shut crops, however somewhat to fulfill the targets of our strategic plan.”
However in its Venta de Baños closure announcement, Cerealto Siro Meals stated the competitiveness plan – which comes to the plant closure – is an crucial requirement for the buyers.
It stated: “The access of the investor spouse as the bulk shareholder of the corporate is conditioned to the signing of the competitiveness plan that should be closed in the following couple of days, and, if it does no longer happen, will suggest the speedy withdrawal of the be offering by means of the investor spouse.”
Native media experiences steered Cerealto Siro Meals has been negotiating for months with the works councils of its factories to just accept this plan as a prelude to the access of overseas capital however has but to realize the backing of worker representatives in all of its crops.
The experiences additionally quoted a letter despatched by means of Madrid-based Cerealto Siro Meals to at least one works council that stated the Venta de Baños plant used to be unviable as a result of upper wage prices and larger absenteeism charges than at its different amenities.
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