manroland Split Up, Web Unit Sold
AUGSBURG, GERMANY—The breakup of manroland AG is officially under way. L. Possehl & Co. (Possehl Group) has agreed to buy the insolvent press manufacturer's web unit here while investors are sought for the sheetfed offset unit in Offenbach and assembly operations in Plauen. The purchase price was not disclosed, and the deal is pending a final decision by the creditors.
The creditors' committee determined that the sites in Offenbach and Plauen will initially be taken over by management and insolvency administrator Werner Schneider. About 2,500 jobs will be saved from a total of 4,700 in Germany.
"Our shared goal was to place the company in the hands of investors who are interested in its long-term, independent continuation," Schneider said in a release.
The Possehl Group also plans to establish long-term supplier relationships with the manroland factory in Plauen in order to secure full capacity at that site. Prospects of a subsequent share in the Plauen factory could be imminent, according to the insolvency administrator. The factory in Plauen will be outsourced as a new company.
The Offenbach site (sheetfed printing systems) will be restructured in the course of a management buyout in cooperation with an investor.
The current investor concept is tied to downsizing measures. The Augsburg site will employ 1,473 regular staff; all apprenticeship positions will be maintained. About 750 employees will work in Offenbach and nearly 300 at the Plauen site.