Pramac, the Italian manufacturer of diesel gensets, has gone into liquidation following a special meeting of shareholders on 23 May.
According to Borsa Italia, Pramac made a loss of €94.8 million (US$117.4 million) in 2011, mostly due to the poor performance of its renewables division, held by Pramac Swiss and which produces thin film solar panels and micro wind turbines, which has drained money from the company.
A request for recapitalisation was denied by Pramac’s board of directors, meaning the company will be put into liquidation. Pramac manufactures portable gensets and lighting towers, and also runs a team in the MotoGP series of motorcycle races. It also owns Lifter, which makes material handling equipment such as pallet trucks and stacking units.
Pramac operates through 37 companies in 21 countries and employs more than 800 people. It has six manufacturing plants, one at its headquarters in Siena, Italy, and others in China, France, Spain, Switzerland and the USA.