The client is a manufacturer of the largest diversified glass bottle and jar plant in Europe serving a variety of markets from wine to beer, from pharma to food and beverages. Coming out of the last recession, the company faced a number of serious strategic, financial and leadership challenges affecting its existence and the livelihood of approximately 400 employees. These challenges resulted in the company hiring Alexion Partners to lead the turnaround of its operations.
Alexion Partners served as interim Managing Director and Chief Restructuring Officer. In those roles, the team led a series of liquidity and profitability maximizing initiatives, which included negotiating extended payment terms (often retaining discounts) with key vendors and minimizing other working capital levels. Alexion Partners also reestablished decentralized decision-making and implemented reporting tools to evaluate and manage performance as well as improve existing quality and efficiency programs. Together with management, we also increased employee morale through new training focused on quality and efficiency, shifting management focus to optimize performance, and instituting an employee incentive program in line with long term corporate goals. For the long term, Alexion Partners completed a bank refinancing process which included a provision for back-pay to employees, and led a reenergized certification effort to solidify and grow the company’s existing food business.
As a result of intensive work for two years, the company returned to profitability and remains a key employer in its geography. Alexion Partners restored historical profitability and cash flow, refinanced bank debt, enhanced senior management, improved operational efficiency, waste improvement, improved performance tracking, improved employee morale, and led a continuous improvement initiative with a clear customer focus.