Financial investor takes over insolvent glass manufacturer Weck
There is a future for the insolvent glass manufacturer Weck. The Aurelius Group is taking over Weck, as the insolvency administrator Thilo Braun announced on Thursday in response to an inquiry. The contract with the financial investor was signed on November 11. Braun did not disclose the agreed purchase price. "Wirtschaftswoche" had previously reported on this.
Weck had filed for insolvency in mid-June - partly due to the previous drop in demand and high energy prices. Specifically, this involved the parent company J. Weck GmbH und Co KG, based in the town of Wehr, and the subsidiary Weck Glaswerk GmbH.
The locations and the majority of jobs will therefore be retained. However, Aurelius wants to bundle the companies into one company. Administration, sales and, to date, the publishing business are still located in South Baden. However, the latter will not be continued. An agreement must therefore now be reached with 25 of the 115 employees in Wehr, said Braun. There is a voluntary redundancy program with severance payments. The Bonn-based glassworks employs 260 people.
The traditional company has been around for more than 123 years. However, Weck not only produces the well-known preserving jars. The company does a large part of its business with glass packaging for the food industry - for example for gherkins, mustard and jam.
The Aurelius Group will manage the glass packaging production for the food industry, which is a significant part of Weck's business, as they take over the insolvent manufacturer. The future bundling of companies by Aurelius might affect 25 employees in Wehr, who are being offered voluntary redundancy with severance payments.
Source: www.dpa.com
