Rovereto, Italy – Two months after its spin-off, Marangoni Meccanica has started a new chapter with recapitalisation, re-establishing relations with banks and the appointment of a new CEO.
Marangoni Meccanica starts next chapter with new CEO
In a 2-Sept statement, the Italian tire machinery supplier said it exited Marangoni Group with a € 10 million recapitalisation from its new local partners: The Finanziaria Trentina, financial group Alpenring, and local family business Caran.
In addition, Riccardo Mastroardi has been appointed as the company’s new chief executive, bringing with him working experience from McKinsey and Italian car maker Piaggio.
Over the last "two intense months," according to company president Giorgio Marangoni, Marangoni Meccanica reconfigured processes to deliver a series of orders coming from the big tire companies.
The new partners took immediate steps towards fulfilling previous commitments, reactivating relations with banks and suppliers and reassuring workers, said member of the board Philipp Oberrauch.
According to company director Massimo Fedrizzi, the new team has managed to reactivate some relationships with banks of primary national standing and with a South Tyrolean bank, and is now awaiting some others.
"Marangoni Meccanica has a very special financial cycle, which does not require large amounts of capital but which requires continuous assistance from the banks for the advance and performance guarantees,” Fedrizzi noted.
The company has also expanded its board of directors to seven members.
Giorgio Marangoni, Massimo Fedrizzi and Philipp Oberrauch are now joined by Antonello Briosi, President of Metalsistem; Enzo Paoli, president and CEO of Karl Mayer Rotal; and Giorgio Oss Papot, an entrepreneur from Italy’s Vallagarina region.