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PCB | July 09, 2009

Ruwel: dwindling hope for investor

Update (15:45): The insolvency administrator Horst Piepenburg told local media that there are no interested parties for the German PCB manufacturer.

Moreover, the search for investors has been hampered by various law suits (dismissal complaints). About 200 former employees from Ruwels's facility in Geldern have so far issued such a complaint. In addition, the insolvency assets are not sufficient for former employees to receive the negotiated redundancy pay, the report continues. A positive sign is, that production at Geldern will definitely continue until the end of August. At the moment, the machine utilisation rate in the Geldern facility is just under 50%. Moreover, the decline in orders has stopped. "The situation has now improved the extent that we were able to re-employ some 20 of our former employees in Geldern again", explained Frank Hoiboom, spokesperson for Ruwel, to evertiq.
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