Italian injection machine maker MIR struggling to survive

17 January 2007 – Brescia-based MIR, a long-time leading producer of injection moulding machines, is in its deepest crisis yet. Hopes of salvation lie with another Italian concern, Gruppo Prima, an important moulder of components for the auto and domestic appliance industries.

MIR is known for its very broad range of machines, which encompass thermoplastics, thermosets and elastomers, and include some of the largest injection moulding machines ever built. It has been dogged by debts for several years, but has always managed to fight its way back from the brink. Originally a family concern, it was acquired by a consortium of creditors and suppliers in 2003. Then in late 2005, in an unusual manoeuvre, it was ‘rented’ to another Italian company, ISPA. The rental period was for three years, at the end of which ISPA had the option to buy.

However, late last year, the deal collapsed, and both companies are now in liquidation. Workers at MIR, who number around 100, have not yet been paid their traditional 13th month’s salary. Calls to MIR could not establish if production was continuing, but it seems unlikely.

According to local reports, Prima has been interested in acquiring the business for some time. Prima was founded in 1973 in Frosinone, between Rome and Naples. In recent years, it has grown quickly, adding sites in Italy and across Europe. It also has two operations making metal casting equipment, in Italy and South Africa. It is said to employ around 2,500.

Negotiations with the liquidator and unions should be concluded around the end of the month, when Prima is expected to present its industrial rescue plan. General director Valerio Zoino was quoted as saying that the group would retain the MIR brand, and not transfer production.