Perfume and cosmetics glass bottle producer Stoelzle Masnieres Parfumerie (STM) has completed its financial restructuring.
The spirits bottle manufacturer said it was necessary after having been severely affected by the Covid crisis and the explosion of energy and material costs.
Fresh money capital injection from an Austrian shareholder as well as support from the state and banks to accept a reduction of financial debt, assured STM to emerge with a stronger balance sheet and enhanced financial resources.
The glassmaker said it would support the growth of the company, secure employment at its industrial site and assure it to accelerate on the long-term development.
The company has an exceptional order intake from its perfumery and spirit customers who have committed their preference to STM.
The glassmaker has reinforced its organization with the recent recruitment of new staff in several functions together with the increased responsibilities delegated to Corrado Ferrozzi, who has been promoted to General Manager of STM and Stoelzle Masnieres Decoration (STD).
The chairman of the two entities and representative of the shareholder is Paolo Antonietti Gemma, who is Supervisory Board director of the Stoelzle Group.
Etienne Gruyez after accomplishing eight years at STM and former managing director, will leave shortly on his own decision.
“With great gratitude for the work done, the entire company wishes him all the best for the future.”