FUBA files for bankruptcy protection

With a restructuring plan it is intended to save more than 600 of the actually 870 jobs in both the Gittelde and Dresden plants. The main emphasis of the intended reduction of staff lies in the Gittelde plant, where 240 workers shall be offered a transition into employment and qualification society. Fuba also runs a Joint Venture with a Tunisian enterprise. Fuba plan to intensify the cooperation with the Tunisian partner. A self-administered procedure shall allow for a quick financial restructuring of Fuba while maintaining operations at both the Gittelde and Dresden sites which is the first priority. Fuba was buyed out from the VOGT electronic AG in 2003. The Gittelde plant has been making loss since then. The reasons for these losses are due to the fact that the production sites are not yet entirely orientated towards the needs of the market.