Former Tupperware Factory in Montalvo Sold for Four Million Euros
The Constancia municipality says the sale may bring new jobs to the industrial complex.
KEY POINTS
- Former Tupperware factory in Montalvo sold for four million euros
- Auction started October 14 with a ten million euro base price
- Best initial offer of 3.8 million euros was rejected by creditors
- Negotiations raised the offer by 200,000 euros with worker agreement
- Former employees expected to receive 40% to 45% of their credits on average
The former Tupperware factory in Montalvo, Constancia, has been sold for four million euros, Mayor Sergio Oliveira announced. The sale was disclosed during an executive meeting on Thursday.
The auction began on October 14 with a base price of ten million euros. The best initial offer of 3.8 million euros was rejected by the creditors' committee.
“On one hand, we are satisfied that the former Tupperware factory has effectively been sold and we hope that another company will be born there that creates jobs.”
Negotiations with workers later raised the offer by 200,000 euros. Former employees are expected to receive between 40% and 45% of their credits on average.
The buyer is a cutlery company with industrial activity in the Leiria district. Its plans for the factory remain unknown.
The municipality plans to contact the buyer in the coming weeks if the company does not take the initiative. Insolvency administrator Jorge Calvete confirmed the sale and said the amount will cover about 50% of workers' credits.
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