KÖMMERLING
Takeover by HT Troplast / New number one window profile manufacturer in Europe
The fate of bankrupt German window profiles group Gebrüder Kömmerling GmbH & Co KG (D-66954 Pirmasens) has been sealed (see Plasteurope.com 02, 2000). Bankruptcy proceeding were initiated in late 1999 in the wake of failed private business engagements of the owner family, which were backed by suretyships of the holding.
The plastics operating unit Kömmerling Kunststoffwerke GmbH will be taken over by German rival HT Trosplast AG (D-53839 Troisdorf), subject to approval by EU cartel authorities. A decision by the EU is expected during September. The sale agreement follows several months of negotiations. The chemical production unit, Kömmerling Chemische Fabrik GmbH & Co, is not part of the deal. It is planned to be sold to US adhesives and sealants group Adco Global Inc. (Raleigh, North Carolina 27615, USA).
As proceeds from the sale will not cover all debts, the plastics operating company has formally applied for bankruptcy. The high level of indebtedness results from the 100% profit transfer agreement between the operating company and the holding, a Kömmerling spokesman told PIE. Kömmerling Kunststoffwerke reported an operating profit of EUR 14.5m for 1999.
From the beginning of October 2000, the new Kömmerling GmbH will operate as a separate company within HT´s profiles business segment; its traditional market position will be assured, according to the holding´s receiver, Dr. Jobst Wellensiek, and Kömmerling plenipotentiary Peter Apfalter. It is not yet clear what the change of ownership will mean for Kömmerling employees. Whether the “structural improvements” referred to in an agreement between management and the workforce will spell job losses remains to be seen. In any case, the need for cost saving measures seems apparent in light of past shortcomings, observers suggest.
With the takeover of the Kömmerling profiles activities, which last generated sales of EUR 300m, HT Troplast will become the European market´s undisputed leading player, a strategic goal it has pursued for sometime. Previous takeovers include Knipping and KBE. A spokesman said the company plans to retain its multi-brand strategy with Kömmerling, just as it did with the earlier acquisitions; the number of brands will now rise from three to four.
Still unresolved is the future of Kömmerling´s sheet production. Earlier plans for a takeover by Röchling HarenKG have been abandoned, according to HT. As sheet and profile activities have close links, the spokesman said HT will have to rethink its own strategy here. Plans are likely to be revealed in October, following the EU decision.
The plastics operating unit Kömmerling Kunststoffwerke GmbH will be taken over by German rival HT Trosplast AG (D-53839 Troisdorf), subject to approval by EU cartel authorities. A decision by the EU is expected during September. The sale agreement follows several months of negotiations. The chemical production unit, Kömmerling Chemische Fabrik GmbH & Co, is not part of the deal. It is planned to be sold to US adhesives and sealants group Adco Global Inc. (Raleigh, North Carolina 27615, USA).
As proceeds from the sale will not cover all debts, the plastics operating company has formally applied for bankruptcy. The high level of indebtedness results from the 100% profit transfer agreement between the operating company and the holding, a Kömmerling spokesman told PIE. Kömmerling Kunststoffwerke reported an operating profit of EUR 14.5m for 1999.
From the beginning of October 2000, the new Kömmerling GmbH will operate as a separate company within HT´s profiles business segment; its traditional market position will be assured, according to the holding´s receiver, Dr. Jobst Wellensiek, and Kömmerling plenipotentiary Peter Apfalter. It is not yet clear what the change of ownership will mean for Kömmerling employees. Whether the “structural improvements” referred to in an agreement between management and the workforce will spell job losses remains to be seen. In any case, the need for cost saving measures seems apparent in light of past shortcomings, observers suggest.
With the takeover of the Kömmerling profiles activities, which last generated sales of EUR 300m, HT Troplast will become the European market´s undisputed leading player, a strategic goal it has pursued for sometime. Previous takeovers include Knipping and KBE. A spokesman said the company plans to retain its multi-brand strategy with Kömmerling, just as it did with the earlier acquisitions; the number of brands will now rise from three to four.
Still unresolved is the future of Kömmerling´s sheet production. Earlier plans for a takeover by Röchling HarenKG have been abandoned, according to HT. As sheet and profile activities have close links, the spokesman said HT will have to rethink its own strategy here. Plans are likely to be revealed in October, following the EU decision.
07.09.2000 Plasteurope.com [17181]
Published on 07.09.2000