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Technicolor is resetting the scope of its activities

Richard Mowat survived nothing. Arrived at the head of Technicolor in November 2019, he only had a few months to accomplish his mission: saving the group from bankruptcy. Only a few months to complete the capital increase 425 million euros. Today’s businessman asserts: “The company was doing well, and it just needed to be recapitalised.” The last chance of the operation was completed when the epidemic broke out that trapped him in Paris, where the headquarters is located, a stone’s throw from the town hall.

While the borders are gradually reopening, Richard Mowat will be able to complete his work and move forward with the old Thomson pieces, a project he presented to investors last February: on the one hand, motion picture cinema and special effects shows, bundled together at Technicolor Creative Studios (TCS), to be put up for subscription. year by the third quarter of 2022. On the other hand, everything else: the connected home, the boxes of cable operators – Comcast in the US, or Bouygues Telecom in France – – the manufacture of vinyl and DVD. In short, the current TCH is listed on the Paris Stock Exchange.

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A little problem: a broken tibia after a bad fall on skis has somewhat limited, recently, Richard Mowat’s movements. But man is a special animal. At 67, he earned a reputation as a restructuring specialist. He holds Irish and British passports, and has been ferrying his bumps everywhere from Dublin to Bangkok, via Bucharest, and especially in the world of communications.

“Financially, we are in good shape for the IPO.” Richard Mowat, CEO of Technicolor.

In particular, it reorganized operators in the UK and Denmark, then Ireland, into bankruptcy, before handing control over to Xavier Niel in 2017. “I have the toolbox to transform the business and make it profitable,” she said. He came to Technicolor with a strong team: Tim Spence, who accompanied him on previous restructurings; David Holliday, old acquaintance, communications veteran; In addition to a specialist in cost reduction programmes, who supported him in Ireland.

Despite the planetary confinement and small health mishaps, Richard Khoat led the change at a very high speed and succeeded in raising the bar. He even managed to re-focus financial analysts who strayed from value, weary of the repeated bailouts launched over the past 20 years in an effort to keep the company afloat. As early as March 2021, research office Kepler Cheuvreux published an analysis welcoming the work of the new management team: “We view Technicolor as an interesting transformation story as the group has secured its financial structure and has taken significant measures to reduce its cost base,” the analyst wrote.

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