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Martifer announced this Friday that the impact of the covid-19 pandemic forced the company to suspend the activity of the metal structures factory “OF2”, thus placing more than 200 workers in this Oliveira de Frades unit on layoff for at least at least one month
In a statement to CMVM, the company states that the effects of the covid-19 pandemic “have caused severe disruptions in the activity of one of its manufacturing units”, causing “disruption of raw material supply chains and suspension of orders or works “. , a situation that has been verified and worsened since the end of March 2020. “
In this way, the company led by Pedro Duarte decided to resort to the simplified partial dismissal measure between May 1 and May 31, 2020 for 181 workers at the “OF2” steel structure factory and 38 of the “back” workers. office “with exclusive support functions for this plant.
In the statement, Martifer said workers could be on layoff for more than a month, despite expectations to resume production at this unit in June.
As for the other manufacturing units of the company, facades and aluminum factory in Oliveira de Frades and shipyards in Viana do Castelo and Aveiro, they will continue working.
“The application of these exceptional and temporary measures aims to guarantee the maintenance of jobs and the best safeguard for the future of the company and its universe of employees,” says the company.
Largest shareholders do not convert debt into equity
In another statement, Martifer reports that the measures approved by the shareholders at the general meeting held in late 2019 and that authorized the brothers Martins and Mota-Engil to increase the company’s equity by 40 million euros are void.
This reinforcement would be done through the conversion of debt into equity by Martifer’s two largest shareholders. But the operation has no effect because “the planned supply contracts have not been completed within the established and approved deadlines.”
The GA approved supply contracts would have no effect if they were not signed within four months, which happened.
The statement does not establish the reasons why the Martins brothers, I’m SGPS and Mota-Engil, did not proceed with this capital injection into Martifer.
The company only says that despite this setback, “it will continue to seek to implement capital strengthening measures and will inform the market in a timely manner if such measures are in a position to be implemented.”
Martifer is 82% controlled by the two main shareholders. I’m SGPS owns 43.86% and Mota-Engil has another 38.35%.
Having made a profit of 6.5 million euros in 2017, the first after seven years in which he accumulated 370 million euros of losses, and only 1.5 million the following year, Martifer finished last year with a result solid. net profit of 23.5 million euros.
The company closed 2019 with a comparable net debt of 119 million euros.
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