MACHECOUL, France – In order to obtain the necessary cash for a revival plan, Cycleurope is selling its Machecoul plant to the local government. This operation enables Cycleurope to continue the operation and save some 350 jobs in the Loire-Atlantique area. The ‘Conseil Général of Loire-Atlantique’ will spend 3 million euro in order to buy the premises for the sale-leaseback construction.
The sale of the Machecoul site is part of a revival plan decided upon last August by the Cycleurope shareholders together with the local and state authorities to ensure the economic revival of the plant in Machecoul. Patrick Mareschal, president of the general Council of Loire-Atlantique, explains: “The Machecoul production site represents a major asset for our department and beyond. We believe in his potential and we do not want to run of economic and social risk”.
Cycleurope has been faced with financial difficulties in the past two years in France. Last year bike sales in France in terms of value dropped by 4.5% compared to 2005.
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