More Details of Proposed Plan for manroland Announced
AUGSBURG, GERMANY—Jan. 18, 2012. The creditors’ committee under the guidance of provisional insolvency administrator Werner Schneider and Dr. Frank Kebekus, chief representative of manroland, was able to reach an amicable solution for an investor concept in the course of the company’s insolvency proceedings. The preferred solution turned out to be to divide the company into three independent units.
“Our shared goal was to place the company in the hands of investors who are interested in its long-term, independent continuation,” Werner Schneider explained after the meeting. He cited the existing operating concepts, the planned absorption of employees, as well as the rapid implementation of sales contracts as the main criteria guiding the committee’s decision.
According to the concept, the Augsburg site (web offset printing systems), will be sold to the Possehl Group. The family business from Lübeck in Northern Germany 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 are on the horizon.
The factory in Plauen will be outsourced as a new company. There are positive signs of the timely acquisition of further third-party orders, which will ensure the sustained survival of the Plauen factory.
The Offenbach site (sheetfed printing systems) will be restructured in the course of a management buyout in cooperation with an investor. This solution has a solid economic foundation and good future prospects—the financing concept does, however, require a guarantee by the federal state of Hessen. Talks have already been held on this matter.
All parties to the meeting agreed to remain silent on the purchase price for the company.
In his statement, Schneider emphasized that the vote by the creditors’ committee was not a formal decision, but rather a recommendation. A final decision will be reached in the meeting of creditors; the committee’s vote does, however, send a strong signal.
The current investor concept is tied to downsizing measures. The Augsburg site will employ 1,473 regular staff; all apprenticeship positions will be maintained. Some 750 employees will work in Offenbach and nearly 300 at the Plauen site.
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