Press Release AVIR Walze Holding Acquires SHW High Precision Casting Technology
AVIR Walze Holding GmbH - via its holding company Hüttenwerke Königsbronn GmbH - took over the business operations of the insolvent SHW HPCT. Due to this around 80 jobs will be retained at the Königsbronn location.
After the final closing conditions of the company purchase agreement concluded on 18 April 2019 between the insolvency administrator of SHW HPCT GmbH, lawyer Martin Mucha, and Hüttenwerke Königsbronn GmbH have been fulfilled, business operations in the manufacture and supply of (die cast) rolls as well as services for (die cast) rolls with around 80 employees will be resumed at short notice. The parties have agreed not to disclose the purchase price.
The employees taken over also hold a third of the shares in AVIR Walze Holding. Not only will jobs be preserved, but the employees will also participate in the future success of the company.
"I am very pleased that a solution has now been found for SHW HPCT which will save around half of the jobs. With the new owner, the company will hopefully soon be able to continue its earlier successes and the company's long-standing tradition," explains insolvency administrator Martin Mucha.
As a foundry, SHW High Precision Casting Technology specialises in the production of rolls for the paper, food and coating industries as well as wear castings for the grinding industry. The finished castings weigh between 100 kg and 120 t. The service portfolio also includes technical services such as roll calculation, design and construction, material selection and simulation. By 2013 and 2017, the company had already fallen into economic difficulties and had to file for bankruptcy. In October 2018, the foundry in Königsbronn was closed due to lack of funds; after a rescue operation involving the main customers had failed, the management again filed for insolvency in December 2018. As part of the third insolvency, the closure of the company's business operations was initially initiated.
AVIR Walze Holding was assisted in this transaction by One Square, a restructuring consultant. The legal advisor was CMS Hasche Sigle. GRUB BRUGGER involved Martin Mucha and Dr. Tobias Rentschler (both insolvency administrators), Manon Hotz (labour law) and Dr. Julius Beck (M&A).
About SHW High Presicion Casting Technology GmbH
SHW High Precision Casting Technology GmbH emerged from the foundry activities of Schwäbische Hüttenwerke. The roots of iron production go back to the year 1365, when monks in the Swabian Alb began to extract iron. SHW is one of the oldest industrial companies in Germany.
This article is based on a press release by SHW High Precision Casting Technology GmbH.