French court approves €3M bid from Toubois for insolvent plywood producer Allin; secure supply of okoumé veneers from Gabon, where Toubois owns hardwood plantations, a deciding factor
January 13, 2012
– French plywood manufacturer Toubois, which owns hardwood plantations in Gabon, has submitted a winning bid of around €3 million for the takeover of insolvent plywood producer Allin.
The contract was awarded by a court in Niort, located in Deux-Sèvres in Western France, German industry news service Euwid reported on Jan. 12.
The court is reported to have selected Toubois because of its secure supply of okoumé veneers from its peeling plant in Gabon, and its experience in manufacturing okoumé plywood. Toubois, based in Chasseneuil, produces marine, industrial and decorative panels.
Le Vanneau-based Allin, which produces acoustic and marine plywood as well as a range of boards for interior and exterior applications, has been insolvent since May 2011. The company also manufactures a range branded as Wooding through its partnership with Dutch company Bruynzeel Multipanel.
Toubois said it had agreed to pay the €3 million in stages and plans to spend further €1.5 million on upgrading the plant. The workforce at Allin of around 89 will be reduced to 70.
The primary source of this article is Euwid, Gernsbach, Germany, on Jan. 12, 2012.