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Italian court gives approval to CVS Ferrari srl


Thursday, 23 Sep 2010 ( #480 ) - Rovoleto di Cadeo, Italy
News Story
Elvio Simonetti
Manitex-owned CVS Ferrari srl has received approval from the Court of Piacenza to run CVS Spa on an exclusive basis with an option to acquire the business within two years after the end of its insolvency process.

Elvio Simonetti, CVS Ferrari srl’s international business developer, tells Forkliftaction.com News that the company has now appointed a "highly experienced" management team and that "the first priority is to obtain confirmation from all customers on the continuity of business". Simonetti has worked at Fantuzzi Group for a number of years and claims credit for taking Italian container handling equipment into international markets.

Stefano Mercati, who oversaw Fantuzzi Group’s legal department and was in charge of acquisitions and mergers, is now CVS Ferrari srl’s general manager.

In June, Manitex established the subsidiary CVS Ferrari srl and the company then had an agreement with the Ferrari family to operate the business in Rovoleto di Cadeo, Italy, on an exclusive rental basis (Forkliftaction.com News #469).

Simonetti says it is common in Europe for businesses to hire other businesses that are in liquidation with an option to acquire in the future. "Actually (this) benefits both parties because the court … can try to pay more money to the creditors."

On challenges the new company faces in running CVS Spa, Simonetti says the priority is on service and equipment back-up and then moving the backlog of orders. CVS had 2008 sales of USD101.2 million (EUR71.8 million) but experienced lower 2009 sales as a result of the economic downturn. At the end of June, CVS had a backlog of orders of approximately USD10 million (EUR8.2 million) for delivery in 2010.

"We are all paying special attention to after-sales needs of customers worldwide. We are working full speed in order to fulfill the outstanding orders, service and parts requests [and] have been available during the usual European summer festivities," he explains.
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