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PCB | February 02, 2009

Lamitec was affected by Fuba insolvency

As reported earlier, Lamitec-Dielektra opened insolvency proceeding on January 27, 2009 for the assets of the Lamitec-Dielektra GmbH requested. The company has stated the following reasons for the insolvency.
The following reasons have made insolvency inevitable:
1. A decline in sales and orders during the months of January to December (2008) by about 70% compared to last year's level. It expresses the extreme economic downturn, particularly in the automotive industry.
2. The financing banks were not prepared to make additional financial resources available.
3. The biggest customer, Fuba Printed Circuit GmbH in Gittelde, opened insolvency proceedings on January 14, 2009.

In close coordination with insolvency administrator and management, it was decided that existing contracts are to be fully executed. Furthermore, new contracts and orders will be accepted. The production is adjusted to market needs. The Lamitec-Dielektra GmbH employed 239 staff: in Grassau am Chiemsee (150), in Cologne (60) and in Neu-Ulm (29).

The Lamitec Group is to restructure - also in view of the insolvency of Fuba - its business activities.

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