MILAN, Italy (Aug. 4) — Italian automotive supplier CF Gomma S.p.A. has restructured its finances with a cash injection of about $100 million from a new company created by CF Gomma CEO Pierfederico Cancarini.
CF Gomma said the recapitalization is the first step in the relaunch of its industrial activities; the full scope of the restructuring plan will be introduced to stakeholders during September.
CF Gomma suffered from production difficulties at the beginning of July and was blamed for stopping production at up to five vehicle construction factories operated by Fiat S.p.A.
The situation arose after a French court rejected CF Gomma´s plan to revitalize its French factory at Barre St. Thomas, and allowed a foreign company to bid for ownership of the factory. Workers in other CF Gomma factories went on strike to protest against the predicted sell-off of the French unit, and this made it impossible for the company to supply all its customers.
The group supplies antivibration systems hoses and packings, operating mainly as an original equipment supplier, but also in the aftermarket. Part of the activity is dedicated to the production of compounds, used internally and on the open market.