Space Cannon: Application filed for liquidation
Fubine / Dornbirn: The shareholder of the company Space Cannon VH SRL, based in Fubine (Piedmont), a specialist in façade and event lighting and a member of the Zumtobel Group, has filed for liquidation. The workforce was informed of the decision at a staff meeting today. Operations will be discontinued. The measure affects 47 employees.
Space Cannon was founded in 1988 by Bruno Baiardi who died suddenly in August 2007. In the spring of 2008 Space Cannon was acquired by the Zumtobel Group. At this point, Space Cannon reported annual sales of around EUR 7 million.
The main reason for the company's loss-making position is the failure of the acquired product portfolio to comply with international norms and standards – a state of affairs not known to the Zumtobel Group at the time of the acquisition. After discovering the substantial product deficiencies in recent months, the owners decided to apply for liquidation due to frustration of contract.
"While we regret this step, particularly in view of the highly motivated workforce at Space Cannon, we have no alternative. Given the substantial negative legacy of Space Cannon, we were forced to admit that the company is no longer viable. We have therefore decided to make no further funds available to Space Cannon," explained Zumtobel Group CEO Harald Sommerer.
About The Zumtobel Group
The Zumtobel Group, based in Dornbirn in the Vorarlberg region of Austria, is one of the few global players in the lighting industry. The Group, which started life as Elektrogeräte und Kunstharzpresswerk W. Zumtobel KG in 1950, employed a workforce of 7,329 employees on the balance sheet date (30 April 2010) and in the 2009/10 financial year posted consolidated revenues of EUR 1,117.3 million. The financial year of the Zumtobel Group commences on 1 May and ends on 30 April. For further information, please visit www.zumtobelgroup.com.
Astrid Kühn-Ulrich Harald Albrecht Head of Corporate Communications Head of Investor Relations Tel. +43-(0)5572 509-1570