IMF Group assets up for auction

The woes of the Italian foundry equipment manufacturer have finally come to a head with the company’s assets due to go up for auction towards the end of April 2017.

Rumours of the company’s financial troubles that started back in 2014 eventually led to the company applying for business rescue protection at the beginning of 2016. Blaming lost contracts for not keeping the business going as a viable concern the company then applied for bankruptcy in the Italian court of justice in Varese in mid 2016.

Impianti Macchine Fonderia Srl was established in 1972 and was headquartered in Luino, Italy. The company was a developer, manufacturer and supplier of chemically bonded (no-bake) sand moulding machinery, sand mixers, core room equipment, sand reclamation and sand conditioning systems and numerous other metalcasting process machines and technologies.

Within the IMF Group were the other companies Foundry Automation and Carlo Banfi. Foundry Automation manufactured core machines and robot operated core production. Carlo Banfi manufactured shotblasting equipment.

The group also had subsidiaries in India, China, Brazil and North America.