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© yuri-arcurs-dreamstime.com Electronics Production | January 20, 2014

Former Apple exec saves Loewe?

TV manufacturer Loewe is off to a successful restart. The management board has reached an agreement with an investor group composed of German family-run companies and former Apple and Bang & Olufsen managers.
In the future, Loewe will operate under the name of "Loewe GmbH". The buyers' concept includes that the production site in Kronach will be maintained. The parties have agreed not to disclose the purchase price. The transfer of operations is to take place on 31 January 2014.

The agreement includes – for the time being – the takeover of roughly 270 employees including all trainees. Additionally, there is also a chance that the investors will take over the production in Kronach at a later date. Until then, the site operations will be continued in its entirety by current Loewe Opta GmbH, and without staff reductions.

This means that roughly 80% of the current 550 employees in Germany will remain, for the time being. The company has successfully secured a transfer company for the approximately 120 employees who will be taken on by the new owner. These employees will be able to transfer to this company as of 1 February 2014, where they will receive training and help with finding a new job.

"The fact that we have managed to keep the Loewe brand in Germany is a great success," Loewe AG's chief representative Alfred Hagebusch stressed. "And even though I deeply regret that the investors will not be able to take over all of the employees, under the circumstances it is still good news that most of the jobs will remain intact."

"Without the staff's enormous commitment during the past months, we would not have been able to reach such a positive result," Loewe CEO Matthias Harsch added. "We are also highly grateful to the two administrators: with Siegfried Beck and Joachim Exner we had two administrators by our side who - with their extraordinary level of commitment in difficult times - made a highly significant contribution to Loewe's successful restart."

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