Battle for control of Gaussin

In an extraordinary turn of events different factions of Gaussin are engaged in a bitter fight for control of the company. In April the Vesoul Commercial Court opened a 6-month renewable observation period and appointed Selarl BCM, represented by Charles-Henri Carboni, as court-appointed judicial administrator for GAUSSIN SA.

On 17 May Gaussin subsidiary Mettaliance was placed into receivership. This move was not supported by Christophe Gaussin, who has proposed selling its tunnel boring business as a way to keep Mettaliance as a viable concern within Gaussin.

It transpires that on 6 May two members of Gaussin’s Board held a meeting and passed a resolution to remove Christophe Gaussin as President and Managing Director and replace him with Steve Filipov.

In February Gaussin announced that Filipov, who was President of Terex Cranes (2016-2019) and CEO of Manitex International (2019-2023) was being brought in as the new deputy CEO to “control the company’s expenses and rapidly put in place the financing required for the Group’s activities.” However, Gaussin subsequently announced that decision had been terminated.

Both sides are making accusations about decisions being taken at “illegal” and “fraudulent” meetings. Judicial Administrator Charles-Henri Carboni has now asked the President of the Commercial Court of Vesoul to appoint a Provisional Administrator. This is a step that can be taken under the French Commercial Code when a court-appointed administrator is unable to carry out their duties.

At this point an AGM is scheduled for June 18, where it is proposed a new Board of Directors will be elected.

Christophe Gaussin has since appeared in a video interview with La Bourse et la Vie, where he presented his version of events and expressed his commitment to preserving Gaussin and refocusing the company on its terminal tractor products. Despite Gaussin’s internal strife and difficulties delivering orders, Christophe Gaussin maintains that market interest in its equipment is high. He said discussions are now taking place with Walmart for an order for eight machines. Given the company’s current predicament it seems unlikely that Walmart would place a firm order.