(AOF) – Metabolic Explorer, leader in industrial fermentation allowing the manufacture of ingredients of natural origin intended for the animal nutrition, cosmetics and biopolymers markets, announces the signing on December 23, 2022 of an agreement with its main partners securing the liquidity needed to execute the Group’s strategy and the 2023-2024 industrial transformation plan.
This Agreement incorporates new financing enabling the Group to immediately make the first investments needed to deploy its strategy, to boost the sales forces, and to gradually resume production at the Metex Nøøvistago plant in Amiens, in order to guarantee its customers a local supply of amino acids and low-carbon functional solutions.
As a reminder, the Group implemented strong measures in the summer of 2022 to deal with the economic downturn in the animal nutrition market and the rise in the price of raw materials and energy linked to a global economic environment. particularly degraded after the invasion of Ukraine by Russia.
This scissor effect impacted the Group’s results and, in doing so, Metex Nøøvistago’s compliance with its commitments under the €100 million syndicated financing concluded last May, consequently preventing (i) the renewal of the quarterly drawdowns of the revolving credit subscribed within the framework of said financing for a cumulative principal amount of €22 million resulting in their payment and, in fact, a cash shortfall, as well as (ii) the drawing of investment credits.
At the same time, the Group has entered into discussions with its main partners within the framework of a conciliation procedure to deal with the situation and secure the future, in particular the transformation of the Amiens plant towards a range wider range of essential ingredients and solutions for animal nutrition and of natural origin for cosmetics and biopolymers.
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