SGM finds new investment
WORLD: Following reports in the Danish media that it had filed for bankruptcy, lighting manufacturer SGM has moved to add clarity to its position. The manufacturer was in need of further investment and after what it describes as ‘a period of disagreement between shareholders’ about the future capital structure, the board of directors reportedly had ‘no other option than to apply for a proceeding aiming to restructure the company’. SGM has since been completely re-established with its new shareholder and capital.
The new ownership relates to investment company, Eurofinim, whose CEO Paolo Covre reportedly wants to carry on SGM in ‘the spirit created by Peter Johansen’. As such Mr Johansen continues his role as CEO of SGM. Likewise, the entire team behind SGM remains the same as does is its distribution network and the manufacturer states that ‘all warranty commitments are identical’.
‘I have followed SGM from the sidelines for quite some time, and I find the company’s visions both sensational and impressive with regards to its scope, high pace and innovative solutions,’ said Mr Covre. ‘This is the kind of company I trust and I am honoured to be a part of, and it just needed a financial injection to continue and enhance its growth.’
‘Paolo and I share many viewpoints and I am sure he will become a great asset for SGM. I am happy to have him on board,’ added Mr Johansen. ‘SGM is now stronger and more motivated than ever before. We will continue our growth, developing the innovative products we believe in. We are confident that the misleading rumours we have unfortunately incurred into will be immediately disregarded.’