NEO INDUSTRIAL PLC STOCK EXCHANGE RELEASE February 6, 2012 at 12.40
NEW DEADLINE FOR THE DRAST RESTRUCTURING PROGRAM OF NEO INDUSTRIAL’S SUBSIDIARY AVILON LTD
Neo Industrial announced on the interim report on November 10, 2011 that the drast restructuring program of Avilon will be finalized by February 6, 2012 and the decision on completion of restructuring program will be made on August 30, 2012.
Avilon, part of Neo Industrial’s Viscose Fibers segment, has applied for a new prescribed date for finalizing the drast restructuring program. The District Court of Pirkanmaa has accepted the application and the new prescribed date for the plan is May 7, 2012.
The expansion of product range and utilization of new technologies will be included in the drast restructuring program and the related possibilities and demands require sufficient examination. By this way the company will be able to operate efficiently in various competitive markets without restricting possibilities for future prospects.
The company and administrator aim to prepare the drast restructuring program in good time before the prescribed date and the restructuring program is expected to be determined in early autumn by the Distric Court of Pirkanmaa.
- We want to secure that Avilon will have sufficient tool kit to operate profitably in the versatile and competitive market, says Avilon’s Managing Director Sari Tulander.
The Valkeakoski factory production will be relaunched as soon as it will be financially profitable.
Neo Industrial Plc
Markku E. Rentto
Managing Director
For further information, please contact:
Markku E. Rentto, Managing Director, tel. +358 207 209 191
Sari Tulander, Managing Director, Avilon, tel + 358 20 7800 500
www.neoindustrial.fi
Neo Industrial's strategy is to invest mainly in industrial companies with similar synergic benefits. The aim of investments is with active ownership to develop the purchased companies and establish additional value. Returns are sought through both dividend flow and an increase in value. Neo Industrial's class B shares are listed on the NASDAQ OMX Helsinki Stock Exchange.
Neo Industrial's business segments are Cable, Viscose Fibers and Single Family Housing.