Possehl Bids for manroland’s Web-Press Division in Augsburg
L. Possehl & Co. said it submitted a bid for manroland AG’s web-press unit in Augsburg, Germany, and is in negotiations with the printing-press maker’s insolvency administrator, Werner Schneider. Possehl would take over a majority of workers in Augsburg as well as support a factory in Plauen with long-term contracts, the Luebeck, Germany-based manufacturing group said today in a statement.
Possehl has secured credit from a group of banks led by Deutsche Bank AG for a “mid-two-digit million” amount, Possehl said.
The bid from Possehl isn’t the only offer for the unit, said two people with knowledge of the situation,