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Temporary slowdown of operations at MISTRAL Engines

Impacted by the current economic situation MISTRAL Engines has had no other option than to temporarily slowdown its activities and to reduce its workforce. The Board, however, has voted a new capital increase of CHF 1.5 million to sustain the company until operations pick up again.  The certification process of its 300 hp lead engine continues, and the company expects to resume full blown activities within six to nine months.

Earlier this year MISTRAL Engines launched a new round of capital increase in order to bring MISTRAL from a startup to a fully industrialized global company. Although key potential investors have clearly demonstrated their interest to participate in this financing round, convinced about the potential of MISTRAL Engines' products and growth, the process was clearly impacted by the economic crisis. Investors are thus expected to join Mistral Engines' capital, but at a slower pace than initially anticipated.

In order to preserve the attractiveness of the Company, in particular from a financial perspective, the Board of Directors has decided to re-align the level of its operational activities with the investment slowdown.  Consequently, after having considered several scenarios and taken measures on operational expenditures, the Board has decided to reduce its Geneva workforce while keeping active expertise and resources in all strategic domains. To sustain the company until operations pick up again, the Board has voted a new capital increase of CHF 1.5 million.  The certification of its lead engine, the normally aspirated 300 hp G-300, well advanced at this date, therefore continues, albeit at a slower pace.  The company is still entirely financed through private equity.

Company growth, and thus re-hiring, is anticipated within the next six to nine months, once the capital increase has been secured. Meanwhile, the company will dedicate its activities and manpower almost exclusively to the certification of its 300 hp engine."

Press release issued by Mistral Engines SA on July 21, 2009

 

 Contact details from our directory:
Mistral Engines SA Rotary Engines

 

 Related directory sectors:
Engines

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