Crisis at tannery machine group Poletto
An ongoing financial crisis surrounding the Poletto Group has resulted in strike action by the workforce and the intervention of the local mayor, according to newspaper reports. Information received from one of the group’s banks, Banco Popolare, suggests that Poletto is now in administration. The Italian tannery equipment manufacturing group has suffered from a lack of liquidity that means it can no longer purchase the raw materials necessary to complete orders.
On Friday, February 22, 2002, around 800 workers from the 16 companies that make up the Arzignano-based Poletto Group went on a one-day strike to protest over the lack of information concerning the crisis. Local government officials including the mayor of Arzignano met with several hundred of the protestors in the main square of the town where they reassured the workers over the situation.
The mayor relayed information from the president of the group, Mr Elio Poletto, informing the workers that Travel International was in liquidation as of February 18, 2002, and that Mostardini would be undergoing restructuring.
Mr Poletto said that work was being carried out on proposals to put the group on a sound financial footing, but added that the response from the group’s banks would be crucial.
