Avon, CT—Commercial and photographic print media manufacturer Ilford Imaging Switzerland GmbH announced plans to take the company forward following its recent financial difficulties. The strategy includes selling assets, restructuring and reducing the Ilford workforce.
Ilford’s management team—Paul Willems, CEO, and Jean-Marc Metrailler, CFO—acquired the Ilford Imaging and Ilford Property companies, and a significant part of the land owned by Ilford Property is being sold to invest into the Ilford Imaging business. This investment, it is planned, will provide the necessary funding to execute the strategic business plan.
In addition, JetGraph Co., Ltd., committed to enter into the share capital of the company in partnership with the management team. JetGraph has been a strong distribution partner in the Japanese and Chinese markets.
One of the consequences of Ilford’s difficulties is the need to realign the cost base within the business, and as a result the company made the decision to restructure, which involves a 40% reduction in the Ilford workforce throughout its entire business.
“The last few weeks have been extremely challenging, and I would like to thank the dedicated members of staff who, even through the restructuring process, have continued to push the business forward under very difficult circumstances,” Willems said. “In addition, I am very grateful for the continued support of our customers around the world that have stood by us through these difficult conditions. Finally, we have had a number of key suppliers that have continued to work with us through this period at their own risk and again I appreciate their support. It is a true testimony to the quality of products and the importance of our brand.”
Willems continued, “Moving forward, I am delighted that we have found such a promising solution for the future of the Ilford business and its brand. JetGraph’s knowledge and experience in the imaging business will be invaluable and their contribution will ensure that we can implement our strategic growth plan to the benefit of all those involved.” ilford.com