The MMM group, a historic manufacturer of automotive tubes, has closed its Molins de Rei plant, unable to overcome bankruptcy proceedings. However, the Chinese group PXI Automotive, with a presence in Catalonia, has decided to save part of the business.
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According to Jordi Albiol, the bankruptcy administrator from the RCD firm, the Chinese group has maintained 14 jobs linked to the management area in Barcelona and has purchased the production plant in Romania, which currently employs about 500 workers. The subsidiary Metalic Parts, which also manufactured components in the Barcelona area, was excluded from the acquisition and has ceased its activity.
Manufactura Moderna de Metales (MMM) was founded more than 80 years ago under the leadership of the Priu family, who have remained at the helm of the business to date. It had employed about 180 people in Barcelona but a strong investment policy and the unfavorable global situation led the company to bankruptcy proceedings last year. At that time, the firm managed to avoid its disappearance by sealing an agreement to refinance 50 million in debt.
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Over the months, the company has managed to reduce its debt level to 30 million but despite this, it has been unable to comply with the agreement and had no choice but to file for bankruptcy again this year. The case, which has been processed by the commercial court 2 of Barcelona, has not yet been closed. “In the liquidation process, the Mexico factory still remains to be sold. In the coming months, we hope to transfer the production unit to another manufacturer in the sector,” says Francisco Lacasa, from the AGM firm and company lawyer.
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