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SMT & Inspection | June 03, 2010

Insolvency proceedings opened at Rohwedder AG

The Konstanz District Court today opened insolvency proceedings in respect of the assets of Rohwedder AG. Attorney Dr. Volker Grub was appointed as the insolvency administrator.
The search for investors initiated by Dr. Grub and Rohwedder AG Executive Board Manfred G. Mueller immediately after the insolvency application was submitted on March 26, 2010 has proven successful. The insolvency administrator has received several offers to take over all of Rohwedder AG's business activities.

They include an offer by an internationally active North American mechanical engineering group and a British investment company. In addition, individual offers have been received for the Rohwedder AG locations in Bermatingen, Bruchsal, Radolfzell and Lörrach, for the JOT Automation Ltd. subgroup in Finland and for Rohwedder Canada Inc. Dr. Grub expects the takeover talks to be concluded within the next four weeks.

Bearing in mind the discussions that are being held with investors, the insolvency administrator is continuing the company's current business without restrictions, but all takeover scenarios will inevitably involve personnel reduction measures. An employment and qualification unit is intended to be set up, and Dr. Grub has already commenced talks on this venture with the company's Joint Works Council.

The Management Board and insolvency administrator will apply for Rohwedder AG stock to be delisted.

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