Pasta Zara announces that it has "positively concluded the process of negotiated settlement". In particular, reads the note released by the company, it made use of the "instrument of the negotiated settlement of the company crisis" now merged into the new Corporate Crisis Code.
In fact, the tool allows the entrepreneur who is in a situation of fragility and economic, financial or patrimonial imbalance to restore the company with the support of an independent expertwhich carries on negotiations with creditors and other interested parties.
The food company founded in 1898 has a history spanning four generations. Born as a small pasta factory owned by Bragagnolo family opens its first industrial headquarters in Castelfranco Veneto in 1918, and then expands in 1932 in the still Italian Zara, launching the activity of the “Adriatic pasta factory”.
With the end of the Second World War comes the confiscation by the Tito regime which forces the Bragagnolo to return to Castelfranco. In the province of Treviso, the new factory in Riese Pio X was born in 1965, which is still today the headquarters of Pasta Zara.
The company hasn't been immune to more recent turmoil like the stock crash Popular Bank of Vicenza and of Veneto Bank. The write-downs of the shares cause a loss of approximately 25 million in 2017. A period of economic difficulty begins which will lead to the sale of the Muggia plant to Barilla and the closure of the Rovato plant.
The positive outcome of the negotiated settlement process, undertaken in July 2022, is an important step towards recovery.
"After a long phase of negotiations with creditors", the company led byto Mauro Albani has identified "as a solution for overcoming its unbalanced situation, the conclusion of a series of deeds dedicated to the redefinition of debt exposure" and, also on the strength of the positive results of the last year, is ready to continue implementing the 2023-2027 business plan which, according to the note, in the Expert's assessment "is consistent with the regulation of the crisis, also underlining Pasta Zara's ability to maintain its market position and to safeguard, at the same time, the important occupational and relational values underlying business continuity".
The president Furio Bragagnolo he specified how: “Although the negotiated composition took place over a 12-month process, I am proud to be able to testify to how the Company has received continuous support from employees, suppliers and customers. This further confirms the solidity of the values and commercial relationships that Pasta Zara has been cultivating since its foundation".
In this context, continues the president: “we have also managed to launch a new product line under the “Pastificio Bragagnolo” brand. The latter is expected to place itself in the premium segment of the market, also thanks to a careful selection made by our agronomists of 100% Italian grains, free of glyphosate and pesticides. Alongside this new line of pasta, a line of sauces and tomato will also be introduced. Pasta Zara, also through the strengthening of its commercial network, now intends to further consolidate its presence in the Italian market and, at the same time, progress in the internationalization of Pastificio Bragagnolo and Pasta Zara brand products”.
The company made use of a multidisciplinary consulting team composed of Grimaldi Alliance, Kpmg Advisorygive it Bagni Fiorcari Huller studios in Modena And Cwz&a of Treviso. The operation also saw the intervention, as financial partner, of the company D21.4.