The Novares Group is a French manufacturer of car parts. It was started in 1955 by Charles Manni, and was previously known as Mecaplast.^[1] Thierry Manni is chairman of the board,^[2] and the chief executive officer is Pierre Boulet. Mecaplast merged with Key Plastics in 2016, and in 2017 the combined firm changed its name to Novares.^[3]

History

The company was started in 1955 by Charles Manni.^[1]

During the financial crisis of 2007–2008 some workers were made redundant, and some plants were closed.^[4]

In August 2009 the company was nominated as a strategic supplier for PSA and Renault, and so benefitted from the Modernization Fund for Automobile Equipment Suppliers (FMEA)^[5] which increased the company’s capital by €55 million/33% stake. The Chennai^[6] plant in India^[7] was opened on 3 June 2010. A factory was opened in Zrenjanin, Serbia, in 2012.^[8]

In 2016 a majority holding in the company was sold to Equistone Partners Europe, a private investment company. Later that year, Mecaplast acquired and merged with Key Plastics, an American car parts company. About a year later the combined operation was renamed Novares.^[9] In 2018 the group arranged for its shares to be floated on the Euronext Paris exchange, but the flotation was cancelled.^[9]

In March 2020 the company received a cash injection af €45 million from its stockholders Equistone and BPI Paris. In April of that year it went into receivership.^[10]

Figures

Revenue in M€/Workforce^[11]

References