Former Embraco, Turin Court decrees Ventures bankruptcy

(ANSA) - TURIN, JULY 23 - The Court of Turin has decreed the bankruptcy of Ventures, the company that took over the former Embraco.
    The Ventures project had been selected by the Ministry of Economic Development to reindustrialize the Riva di Chieri factory in Embraco, at the time of the Whirlpool group which in January 2018 had decided to close the factory and grant 517 workers. The agreement for the month was signed in March 2018. The move to Ventures, which took place in July 2018, provided for the return of almost all the workforce with around a hundred incentive exits. Astelav was also part of the project, a company that deals with the regeneration of household appliances, but immediately left the scene.
    Ventures is a newco with three partners: an Israeli group and the Di Bari family, with 40% each, and a Chinese partner always on paper. The production of photovoltaic panel robot cleaners was scheduled for January 2019, but has never started. Meanwhile, the machines of the former Embraco were dismantled and the returned workers were employed for the renovation of the property. The 4 million fund, made available to Ventures by Whirlpool for the industrialization and start of production, was used illegally - according to the Prosecutor - by the company's managers.
    The mobilization of workers started again in September 2019, with strikes and demonstrations. The story was reported to Rome, the Vatican and Brussels. (HANDLE).