CE Industries Group has rescued the failing MICo

On Tuesday 27 September 2022, a meeting of creditors approved the reorganisation plan for MICo, a long-established manufacturer of heat exchangers, condensers and pressure vessels for the nuclear and conventional power sectors, based in Třebíč. The reorganisation plan envisages the preservation and further development of the company at both production sites. TURNIKA SPV, wholly owned by Jaroslav Strnad’s CE Industries holding company, is set to become the investor and owner.

MICo entered insolvency as a result of loss-making projects, unsuccessful investments outside its core business, and a lack of preparedness when working with major international customers. Rising input costs and complications in fulfilling orders during the COVID-19 pandemic also played a role.

The company’s greatest asset is its team of approximately 150 experienced technicians and workers. Adam Šotek: “Alongside recycling and railways, the energy sector is a key area for our holding company. MICo represents a strategic investment.” The aim is to integrate MICo with the engineering and supply firm Chemcomex — customers will thus receive a comprehensive service from production to installation, including engineering.

MICo was founded in 1993 as a service organisation for the Dukovany Nuclear Power Plant and began its own production in 1998. In 2019, its turnover reached CZK 298 million, with two-thirds of its supplies going to the nuclear energy sector.