7 Apr 2010
Rapid takes next step in restructuring process
Bredaryd, Sweden – April 7, 2010 - Rapid Granulator AB is proceeding as planned with its restructuring to ensure a strong and prosperous future for the Rapid Group and its customers around the world. Rapid announced today the winding up of its Moditec subsidiary based in Lyon, France. This is the latest move in a series of cost reduction steps and organizational changes that have already been implemented by Rapid.
Rapid acquired the Moditec business in 2007 in order to develop its market position in screen-less granulators. Rapid will continue to offer its own line of screen-less granulators and provide support to all of its customers who already own Moditec-branded products.
France is the third largest polymer consumer in Europe and is an important market for the Rapid Group. Rapid saw strong development in its activities in the French market in the last quarter of 2009 and beginning of 2010.
On January 1, 2010 Rapid increased its stake in its French sales and service company Albro Technologies from 20% to 100% in order to strengthen the company’s distribution capability and access for French customers to its extensive product portfolio. Albro sells a wide range of auxiliary products to the French plastic producing market including Rapid granulators, shredders and screen-less machines.
Rolf Gren, Rapid CEO, comments: “We are confident in our ability to continue to serve this important market, and believe we will be able to do this even more effectively in the future through Rapid as full owners of Albro.
“We have committed to some very difficult decisions to secure the financial status of the Rapid Granulator AB since announcing the reconstruction process on October 23, 2009,” continues Rolf Gren. “However, I am pleased to report that support for our customers has been unaffected during these changes and we are already seeing a strengthening of our operations. We anticipate being through the reconstruction within a short period of time.”
Reader enquiriesRapid Granulator AB
P.O. Box 9
S-330 10 BREDARYD
+46 370 86 500
Notes for editors
About Rapid Granulator AB
Rapid Granulator, headquartered in Bredaryd, Sweden, employs 265 people and exports around 95 percent of its production. Supporting its sales operations and customer base the company has seven subsidiaries located in Cranberry Township (PA), USA; Shanghai, China; Singapore; Venice, Italy; Lyon, France; Kleinostheim, Germany and Beirut, Lebanon. Further support is provided by a global network of over 90 agents and local partners. More than 70,000 machines installed across five continents, for the granulation of plastic scrap, the recycling of post-consumer and post-industrial waste, the reduction of organic waste for the production of bio-gas, as well as the shredding of old bank notes, confirm the company as a world-class leader in its field.
For more detailed information, visit Rapid at: www.rapidgranulator.com.