The Chinese takeover of bankrupt Italian tractor manufacturer Goldoni is complete with news that an agreement has been reached with Lovol Arbos Group - owned by Chinese giant Foton Heavy Industries.
Reports indicate that production is expected to restart at the tractor plant later this month following closure during negotiations and after bankruptcy.
It is a key step in the rescue and recovery of the historic Italian industrial company Migliarina Carpi (Modena), which manufactures specialised tractors for orchards and vineyards as well as walking tractors.
Managing director of Lovol Arbos Group spa, Andrea Bedosti, said the Goldoni bailout had three parts.
The first will see an injection of capital to recover production, providing the company with the financial strength to satisfy creditors as well as confirming and maintaining collaborative relationships for the future.
Finally, the development of a three-year business plan will see a full relaunch of Goldoni through modernization and expansion of its product range, a radical change in the organisation and production techniques and the expansion and internationalisation of the distribution network.