Shareholders have backed the Dutch group's plan to stem its financial losses

Shareholders have backed the Dutch group's plan to stem its financial losses

Shareholders of Dutch automotive and component supplier Kendrion have backed the company’s plans to stem its financial losses. Investment bankers Lehman Brothers have been appointed as advisors to the financial restructuring of the firm, key to which is the disposal its automotive plastics activities.

The company said the sale of automotive plastics subsidiary Kendrion van Niftrik to Polynorm “shall probably be completed in the short term”. Delays to the sale had postponed the announcement of its 2003 figures, which revealed a net loss of E104.9m for the year.

Discussions on the sale of the remaining automotive plastics activities, principally located in Germany, continue. Meanwhile, the standstill agreement with Kendrion’s most important financiers has been extended to the end of this year.