The Slovenia Times

Trimo unofficially sold to Polish Innova fund


The consortium of shareholding banks headed by NLB and including SID banka, SKB, Gorenjska banka, Probanka and NKBM, has not yet announced its decision and would not comment on the sales process so far.

But media reports said the decision was taken in today's talks with Innovo and another bidder, the Irish insulation material maker Kingspan.

According to daily Delo, bids had also been submitted by the Slovenian industrial group Kolektor and Australia's Metroll, which has a subsidiary in Italy.

Once one of Slovenia's flagship companies, Trimo ended up in the hands of banks in 2013 following an ill-fated management buyout under the guide of the company's long-serving chairman Tatjana Fink.

Seven creditor banks recapitalised the company with EUR 13.2m through conversion of their claims into equity, with an addendum to the financial restructuring deal later signed by all ten creditor banks.

Established in 1961 under a different name, Trimo saw its heyday after 1992 when the helm was taken over by Fink. The award-winning executive led the company into expansion but the MBO cost her her job in 2013.

By then Trimo had grown into a global enterprise. Present in 60 markets with its own brand, the company has sold more 50 million sq metres of roofs and facades, 230,000 tonnes of steel constructions and 70,000 containers in 55 years to date.

Its partners include global companies such as Airbus, Heathrow Airport, Nestle, Philips, DHL, Porsche, McLaren, Ikea, Prologis, Mercedes and Coca Cola.

Yet saddled with debts stemming from the MBO, the company was ill-prepared for a collapse in the construction sector that came with the onslaught the financial and economic crisis in 2008.

However, since the banks took over in 2013 the company has undergone a successful restructuring and managed to turn the tide, expecting to break even by the end of the year.

The management expects sales revenue to the tune of EUR 81m this year with an operating profit of EUR 3.1m at the core company. The group revenue is planned at EUR 122m and operating profit at EUR 1.9m.

Trimo reported a group net loss of EUR 2.4m on revenue of EUR 118.9m for 2014 due to writedowns on financial investments and claims. The group employs some 700 people, of whom 350 at the parent company.

Providing about 10% of the jobs in the south-western municipality of Trebnje, the company is a major local employer but the concern is that this could change under a new owner.

The local community, trade unions and small shareholders have expressed an appeal on the shareholding banks, the state and the public to rethink the sale now that the company is doing well again.


More from Nekategorizirano