Sogefi had taught Mr Colaninno the art of releasing value through financial engineering and restructuring.

ECONOMIST: Meet the mechanic

Sogefi said in June it was "very disappointed" about the proposed job losses.

BBC: Sogefi

Keith Drew, general operations manager of Sogefi Filter Division, said the company was "very disappointed" about the proposed job losses.

BBC: Traffic

Production has ended at the Sogefi Filtration plant in Llantrisant after an official 90-day consultation period on redundancies came to an end.

BBC: Sogefi, Llantrisant: 190 jobs go as engine factory closes

"Sogefi is a really important employer in my area, " he said.

BBC: Sogefi

"Despite having a committed workforce, Sogefi decided not to go down that route and sadly production ended yesterday with the loss of nearly 200 jobs, " she added.

BBC: Sogefi, Llantrisant: 190 jobs go as engine factory closes

The move comes after Sogefi Filtration Ltd's announcement on Thursday that many jobs are at risk at its south Wales plant as the company restructures to face "difficult market conditions".

BBC: Traffic

In September 1996, Mr De Benedetti telephoned Mr Colaninno, still at Sogefi, which had grown under his leadership into a substantial outfit with operations in 11 countries, to ask him to take over as chief executive of Olivetti.

ECONOMIST: Meet the mechanic

In 1981 he bought out Fiamm through Sogefi, a finance firm he had created for the purpose with the help of Carlo De Benedetti, a rising star of Italian finance who went on to become chairman of Olivetti in the 1980s.

ECONOMIST: Meet the mechanic