Tome takes over Duralex as French glassmaker restructures operations
Duralex is entering a new phase after opening administration proceedings earlier this year, with French businessman Cedric Meston moving to take control of the struggling glassmaker. The takeover is set to preserve about 150 jobs, while financial terms of the transaction have not been disclosed.
Highlights
- Tome has acquired Duralex after its entry into administration, with the transaction expected to save approximately 150 jobs.
- The financial terms of Tome's takeover of Duralex were not disclosed by the parties involved.
- Industry minister Sebastien Martin said the deal aligns with France's efforts to preserve industrial activity and employment amid sector challenges.
Takeover plan and employment outlook
As reported by Reuters, Meston said on Wednesday that his holding and investment company, Tome, is taking over Duralex, the French glassmaker that entered administration proceedings earlier this year.Meston, a former McKinsey associate, told reporters the transaction would save around 150 jobs. The full financial details behind the deal were not disclosed.
Industrial significance for France
French industry minister Sebastien Martin said on X that Tome's takeover opens a new chapter for Duralex. He described the company as an icon of French industrial know-how.The deal places Duralex's future within a broader effort to preserve industrial activity and employment in France as legacy manufacturers face financial pressure.
Our earlier coverage of United Malacca’s mandatory general offer (MGO) explained how a change in shareholding triggered a takeover process, including an offer price of RM6.10 per share. We also outlined the planned cash compensation scheme for shareholders who sold below the offer price during the specified period, and noted the potential impact on minority shareholders as the deal progressed.
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