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© shawn hempel dreamstime.com PCB | October 30, 2013

Production at Greule continues without interruption

Production at the German PCB manufacturer Greule continues without interruption, despite the insolvency filing on Tuesday.
"The initial discussions with customers and suppliers offered positive signals as to a continuation of the partnership with Greule. If this continues to be so, we can quickly stabilize the company and build a financially sustainable foundation", explain General Manager Jörg Heinrich and the preliminary insolvency administrator Marc Schmidt-Thieme.

Heinrich and Schmidt-Thieme briefed staff today that all of the 113 employees at the facility in Engelsbrand (close to Pforzheim) about the situation and the insolvency filing. The most important aspect for all employees: the will be no changes to their current employment situation. The insolvency administrator has secured preliminary financing for salaries and wages.

The insolvency filing became necessary after discussions on the renewal of a real estate financing failed. Greule was already in restructuring and initial - positive - results were becoming visible. Restructuring measures were initiated after the 2011 decline in the German photovoltaic industry and the loss of several customers, which lead to decreasing turnover. Until then, this segment had been a growth driver for Greule. In connection to this, the company invested in the modernisation of the machine park and a capacity expansion in 2011.

The company, which was founded in 1954 by Fritz Greule, operates production in Engelsbrand and Langenbrand. Here, Greule specialises in PCBs for applications in drive technology and medical engineering, but also photovoltaics , machine engineering, communication technology, instrumentation and control technology. About 80 percent of the turnover - EUR 12 Million - was generated in Germany; the remaining 20 percent come from European customers.

"This is a clean run business with a modern production equipment and a broad customer base. If these customers remain loyal to us, and this is what we work for, then a successful restructuring is very likely", says Schmidt-Thieme .

A restructuring plan has been drawn up. However, this needs to be adapted to the requirements of the insolvency proceedings and with regard to the search for new investors.

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