Gidue goes into liquidation as recession hits

Gidue, active in the label and packaging market since 1999, filed on December 22 for voluntary liquidation. The Turate, Italy-based press manufacturer had been enjoying record sales of 34 million euros up to July 2008, but a statement announced that the global recession ‘has hit the company far beyond any possible expectation, causing an unexpected strong downturn in sales, which are no longer sufficient to cover the company’s fixed costs’.

Nuova Castagnoli, a former supplier of offset print units, vision systems and hot stamping technologies to Gidue, has agreed to take over service of existing presses and new sales. Federico d’Annunzio, managing director of Gidue, is also MD of Nuova Castagnoli.

Negotiations are ongoing with local trade unions to transfer part of Gidue’s work force to Nuova Castagnoli, and to keep in place the existing plant in Turate, north of Milan. Nuova Castagnoli is planning to expand its existing manufacturing sites in Florence, and to change its trade name to Gidue – Nuova Castagnoli S.r.l. within the first quarter of 2009.

‘An installed base of more than 320 presses worldwide, with high customer satisfaction and confirmed innovation through the entire product range made the choice evident: Nuova Castagnoli must continue the activities of Gidue, despite the gloomy times ahead in the world economy,’ said Federico d’Annunzio. ‘There is a clear responsibility to existing customers to be taken care of, but also technology and flexibility will make the difference with an agile, sustainable and high-technology oriented structure.

‘Nuova Castagnoli will take special and full care of all the existing Gidue customers, offering original service and spare parts at cost prices, and preparing new dedicated service contracts to make service and satisfaction to Gidue customers one of its core activities.’

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