Industry - Allgaier: Group acquires process technology division
A buyer has been found for the process technology division of the insolvent automotive supplier Allgaier. The purchase agreement for Allgaier Process Technology GmbH was signed on Wednesday, the insolvency administrator Michael Wahl from the reorganization and restructuring company Pluta announced on Thursday. The buyer is the medium-sized Stafag International group of companies from Mülheim an der Ruhr in North Rhine-Westphalia. The group includes the machine and plant manufacturer Siebtechnik.
The Allgaier Process Technology division and all 160 jobs will reportedly be retained. The company was rescued at the last minute, as the transaction had to be completed before Christmas for financial reasons, it said. The notarized agreement takes effect on January 1, 2024.
Insolvency administrator Wahl did not disclose the purchase price. Stafag intends to continue the business from the Swabian town of Uhingen under its current name. The mechanical engineering company Mogensen - also part of the Allgaier Group - had already been sold at the end of November.
The holding company of the Allgaier Group filed for insolvency in June. The German subsidiaries followed shortly afterwards. The largest company in the group is Allgaier Automotive GmbH with around 1200 employees. The company manufactures car body parts. Talks are also being held with several interested parties regarding the future of the automotive division, as was reported on Thursday. The search for an investor was last expected to end by the beginning of 2024.
The automotive supplier and process engineering specialist has been in crisis for several years. The Chinese Westron Group acquired a majority stake in the company in mid-2022. Previously, the family of former employer president Dieter Hundt was the main shareholder. At the end of 2022, Allgaier reported that Westron's investment had restored the company's financial stability.
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- The Stafag International group of companies, based in Mülheim an der Ruhr, North Rhine-Westphalia, will continue the business of Allgaier Process Technology GmbH, which they recently purchased from the insolvent automotive supplier Allgaier.
- The mechanical engineering company Mogensen, previously part of the Allgaier Group, was sold to a different buyer at the end of November in a separate transaction.
- The purchase of Allgaier Process Technology GmbH by Stafag International will preserve the 160 jobs in the division and allow it to operate under its current name in Uhingen, Baden-Württemberg.
- The Allgaier Group, which filed for insolvency in June and had its German subsidiaries follow shortly afterwards, is also in the process of negotiating the future of its automotive division with several interested parties.
- The automotive supplier and process engineering specialist Allgaier, which has struggled financially for several years, saw its financial stability restored by a majority investment from the Chinese Westron Group in mid-2022.
Source: www.stern.de
