8/18/2011 1:37:00 PM
NEWS BRIEFS
Max Mothes GmbH Assets Sold to Investor
The assets of insolvent European fastener supplier Max Mothes GmbH were sold to Schuering & Andreas for an undisclosed sum, Fastener+Fixing magazine reports.
Mothes reportedly had continued to trade during insolvency proceedings, which began in April 2011, and most of the company’s 230 employees are expected to be retained.
Mothes’ site in Neuss, Germany, which houses a distribution center and manufacturing facility for special fasteners, was included in the deal.
Founded in 1918, Max Mothes had sales of EUR 42 million in 2010 and carries more than 80,000 stock lines.
Max Mothes supplies special and standard fasteners service customers in Europe and overseas with approximately 4,000 customers in the German machinery, truck and agricultural equipment and power generation industry.
“Schuering & Andreas are known as turnaround-experts, having repeatedly bought insolvent companies and developed them as profitable enterprises with their long-term investment horizon,” stated insolvency administrator Dr. Frank Kebekus.
“The purchase price and the over-all concept have been able to convince us and deliver the best possible result for all parties involved.”
Schuering & Andreas is a group of entrepreneurs active in four companies with 13 production facilities, more than 1,100 employees and an annual turnover of EUR 150 million. The group acquired Honsel Unformtechnik from administration in 2002 and also owns VVG Befestigungstechnik GmbH & Co. ©2011 GlobalFastenerNews.com
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