The company report the 2019 fiscal year concluded with a consolidated net profit of 5.8 million euros ($6.4 million), almost quadrupled compared to the previous year, when it was around 1.5 million euros ($1.7 million).
Italian agricultural machinery group Maschio Gaspardo has secured additional financial support in the form of a €5 million ($5.6 million) stake in the group’s manufacturing and assembly operation in Romania.
Senior managers at Maschio Gaspardo, the Italian farm equipment group with a North American operation based at DeWitt, Iowa, have successfully negotiated debt restructuring with 24 creditor banks in line with a new business plan formulated last year.
Italy’s Maschio Gaspardo group plans to spend €130 million ($177 million) in capital investments over the next 5 years to build on the €120 million ($163 million) investment it has made in the 3 years from 2011 to 2013.
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