Ilford Imaging Switzerland GmbH has identified a path forward after reportedly being delcared bankrupt earlier this year.
The Management Team, namely Paul Willems, Chief Executive Officer and Jean-Marc Metrailler, Chief Financial Officer, has acquired the Ilford Imaging and Ilford Property companies. A significant part of the land owned by Ilford Property is being sold and the proceeds will be invested into the Ilford Imaging business.
This investment will provide the Management with the necessary funding to execute the strategic business plan. In addition, JetGraph Co.,Ltd. has committed to enter into the share capital of the company in partnership with the Management Team.
One of the consequences of its recent difficulties is the need to realign the cost base within the business and as a result the company has also had to make the decision to restructure which involves a significant reduction in personnel. Ilford has had to reduce its workforce by 40% throughout its entire business.
Willems continued, "Moving forward, I am delighted that we have found such a promising solution for the future of the ILFORD business and its brand. JetGraph’s knowledge and experience in the imaging business will be invaluable and their contribution will ensure that we can implement our strategic growth plan to the benefit of all those involved."
Ilford Imaging Switzerland GmbH continued to trade through its financial difficulties and so does not anticipate any issues in the supply of its core products, including both Galerie and Omnijet to the marketplace. There are plans to introduce new products early October into both brands including NanoSolvent and AquaBlock into the Omnijet range.
For more information, take a look at the Ilford website