The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.10 - Manufacture of basic iron and steel and of ferro-alloys
140 jobs Number of planned job creations
Announcement Date
19 December 2018
Employment effect (start)
1 January 2019
Foreseen end date
31 December 2019
Description
The Commercial Chamber of the Strasbourg Court has accepted the offer to take over the Ascoval steelworks, presented by the Franco-Belgian group Altifort. This takeover makes it possible to retain the 281 employees working in the plant. In addition, the new owner announced the hiring of 140 employees over the next two years.
The main shareholders of the Ascoval steelworks at Saint-Saulve (Nord) were Vallourec and Ascométal, which was acquired in February 2018 by the Swiss group Schmolz + Bickenbach (164 job cuts). As the only shareholder, Vallourec had refused to subsidise the plan presented by Altifort to take over the site. The public authorities have mobilised to save this recently modernised site. In total, the financing plan amounts to €152 million, including €47 million in public funds, lent by the Hauts-de-France region (12 million), the Valenciennes Métropole urban community (10 million) and the State (25 million). Altifort will contribute to €35 million in equity (including €25 million financed via a bond loan from a Spanish industrial company). The balance will be financed by a lessor (€40 million) and a factor (€30 million).
Sources
Citation
Eurofound (2018), Ascoval, Business expansion in France, factsheet number 96230, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96230.
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