Manroland's Insolvency Administrator: Agreement Reached With Creditors
19 January 2012 - 6:18AM
Dow Jones News
Manroland AG's insolvency administrator said Wednesday an
agreement has been reached with the printing machine maker's
creditors on the company's future, which includes splitting it into
three independent parts and cutting jobs.
Manroland, owned by Allianz SE (ALV.XE) and MAN SE (MAN.XE), has
production sites in the German cities of Augsburg, Offenbach and
Plauen.
The agreement calls for Manroland's production site in Augsburg
and its rotary offset printing machine business to be divested to
German conglomerate L. Possehl & Co. GmbH, which is also
interested in a long-term supply agreement with the plant in
Plauen, insolvency administrator Werner Schneider, of auditing firm
Schneider Geiwitz & Partner, said in a statement. The Offenbach
site will be redeveloped for a management buy-out in cooperation
with an investor.
All parties agreed not to disclose the financial details of the
deals.
Manroland employed 6,500 employees when it filed for insolvency
in November. Of that number, 1,473 will be retained in Augsburg,
750 in Offenbach, and only about 300 in Plauen under the plan.
Neetha Mahadevan, Dow Jones Newswires; +49 69 29 725 500;
neetha.mahadevan@dowjones.com