Technicolor has confirmed that its set-top box manufacturing facility in the French city of Angers (Maine-et-Loire department) has gone bust.
The President of Thomson Angers has filed for insolvency (“cessation de paiement”) with the Nanterre Commercial Court (France) and has petitioned the Court to open rehabilitation proceedings (“redressement judiciaire”) for Thomson Angers, which owns the facility.
Technicolor revealed earlier this year that it was attempting to find a buyer for its loss-making STB business in Angers, which it hoped to sell off by this summer. However, no compelling offers arrived on the table, probably due in large part to the facility’s relatively high production costs, as Technicolor CEO Frederic Rose himself said earlier this year.
In its latest results, Technicolor reported that the turnaround plan for its Connected Home division (which produces set-top boxes) started to generate some improvements: fixed costs at its Manaus, Brazil facility were cut by two percentage points, and non quality costs are expected to decrease over the course of the year.
The streamlining of global functions is described as being well on track, while the division has been implementing a new organisation in R&D functions, with the transfer of R&D capabilities from contractors in the US and Europe to China and India.