Les Verreries de Masnières goes into receivership

Published: 29-Oct-2014

The French glass manufacturer has been placed in ‘redressement judiciaire’, which could result in 500 job losses

French glass manufacturer Les Verreries de Masnières has been placed in ‘redressement judiciaire’ (receivership), which could result in 500 job losses.

The company, which is based in the Nord department, and specialises in the production of luxury bottles for the fragrance industry, will now be under observation for six months. A new meeting has been scheduled for 10 December by the tribunal de commerce (commercial court) at Douai in the same department.

Les Verreries de Masnières was bought by Austrian glass manufacturer Stoelzle from Bormioli Rocco Group in January this year. At the time, Stoelzle promised to invest €30m over the course of three years, and the staff and trades unions agreed to a three-year wage freeze. The company was meant to construct a third furnace, but by the beginning of October, rumours began to fly when the promised investment had still not materialised. Frédéric Valez, the CGT trade union representative for Les Verreries de Masnières, said the call for receivership was “a bluff to scare us” and that the management wanted to increase working hours and lower wages at the factory. “But there is no question that we will negotiate under threat,” he added. “The group must begin to meet its commitments first and then we can talk.”

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