Employment: Metallurgist Novasco in receivership, nearly 760 jobs threatened
The metallurgist Novasco, which employs some 760 people in Lorraine, Loire and the North of France, was placed in receivership on Monday, August 11 by the Strasbourg court, which set the end of September as the deadline for submitting takeover plans, a union representative announced.
The former Ascometal , which manufactures specialty steels, particularly for the automotive sector, was taken over in July 2024 by the British investment fund Greybull Capital. The latter did not inject the 90 million euros promised alongside the State, which provided 75 million euros to the company.
The commercial chamber of the Strasbourg judicial court "has confirmed the judicial recovery and set the deadline for submitting takeover bids for the last week of September," declared Yann Amadoro, CGT secretary of the social and economic committee (CSE).
The group's "cash-constrained schedule" did not allow for a six-month observation period, he added. "Cash flow now allows us to last until the end of September or the beginning of October," said Yann Amadoro.
Candidates for the takeover were already interviewed in July, some of whom are said to have their sights set on certain sites, but not on the main one, Hagondange, which employs 450 people in Moselle.
With its three other machining and finishing sites, in Custines (Meurthe-et-Moselle), Saint-Étienne (Loire) and Leffrinckoucke (Nord), Novasco employs around 760 people.
Under the agreement reached a year ago with Greybull, the state paid 75 million euros and 10 million euros are expected in the second half of August, according to Yann Amadoro.
La Croıx
