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Despite reports it had filed for bankruptcy, SGM has in fact restructured with a keynote new investor.
“After a period of disagreement between shareholders about the future capital structure, the board of directors had no other option than to apply for a proceeding aiming to restructure the company. On November 9th at 18:00, SGM was completely re-established with its new shareholder and capital,” the company said overnight.
The management ascertains that SGM will continue as before without any changes – and stronger than ever. All business elements remain unchanged:
- The entire team behind SGM is identical
- The worldwide distributor network is identical
- The high service and quality are identical
- All warranty commitments are identical
What changes substantially in SGM is the financial strength.
The new ownership relates to investment company, Eurofinim, whose CEO, Paolo Covre, wants to carry on SGM in the spirit created by Peter Johansen and ensures so by Peter Johansen’s continued role as CEO of SGM.
Paolo Covre states: “I have followed SGM from the sidelines for quite some time, and I find the company’s visions both sensational and impressive with regards to its scope, high pace and innovative solutions. This is the kind of company I trust and I am honoured to be a part of, and it just needed a financial injection to continue and enhance its growth.”
Peter Johansen is very positive towards the new investor’s wishes for SGM’s future. “Paolo and I share many viewpoints and I am sure he will become a great asset for SGM. I am happy to have him on board. SGM is now stronger and more motivated than ever before. We will continue our growth, developing the innovative products we believe in. We are confident that the misleading rumours we have unfortunately incurred into will be immediately disregarded”, says Peter Johansen.
Peter Johansen pictured with Paolo Covre
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