11/25/2010

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Hope for SaarGummi ?

In total, the consortium is said to make available an amount in a two-digit million EUR range. A part of this money will secure operation at the Wadern-Büschfeld site with its more than 1,100 employees.In the meantime already more than 15 investors have indicated seriously their interest in a takeover of the group, among them were many competitors, and also offers from Asia. The liquidator sees a good chance for a successful restructuring and transformation of the SaarGummi group in the hands of a new investor, within the next few months.SaarGummi was acquired in 2007 by the investor Odewald company for 262 million EUR from the Munich-based private equity firm Orlando. Orlando in turn had acquired the group in 2004 from RAG Ruhrkohle AG. The acquisition price paid at that time was generally regarded as far too high. The high burden of debt imposed on the purchase and the slump in orders during the crisis drove the traditional company then in the misery. The employees of SaarGummi see in the bankruptcy a chance to get rid of the unpopular Odewald investor who had made headlines in the past again and again with draconian austerity measures.Largest customer for SaarGummi is VW, followed by Daimler and BMW.

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