Schoeller Electronics close to insolvency?

A spokesperson for the workers’ union said that the problems were not primarily caused by the current economic downturn and difficulties within the PCB industry, but were rather caused by a mis-management. Since the beginning of 2009, employees had agreed to lower salaries and wages in order to support the company. “In the course of fiscal 2009, the situation at the facility degraded to such an extend that the insolvency was imminent", the spokesperson was cited in saying.