Battenfeld: Sale Halted
Such a transaction is probably unprecedented in the history of this somewhat conservative maker of injection molding machines. Adcuram Group AG, Munich, Germany, which had announced the sale of the new machines business of Battenfeld Kunststoffmaschinen Ges.m.b.H. (BKU), Kottingbrunn, Austria, to OOD Private Equity Ltd. (see news dated January 4) on the Friday before Christmas, has since reached an agreement with the British investor to reverse the sale. The proposed transaction had raised a storm particularly in the Austrian press, with talk of a sale to a letter-box company. Following an insolvency application by Battenfeld management, Adcuram has now explained its position in a press statement extending to several pages. In it, the company describes the difficult situation as arising from the “extremely difficult and intensifying market conditions as well as the cost structure of the company.” As owner, it would “cooperate with the liquidator.”
BKU’s CEO Georg Tinschert believes meanwhile that there are good prospects of overcoming the crisis. The order books for the next few months were full, he noted.
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