As reported on Monday, manroland's insolvency proceedings have come to an agreement with its creditors with regards to the fate of the pressmaker. The company will sell its Augsberg web press facility to L. Possehl & Co. Its Offenbach facility will be bought out by its management and an unnamed investor. Possehl is also seeking a long-term supplier agreement with the Plauen plant. No financial arrangements were disclosed.
The decision will see massive cuts to the workforce: 2,200 jobs will be lost from its 4,700 current staff. manroland had about 2,200 workers in its Augsburg facility, 1,500 will be able to keep their jobs. At Offenbach, the number of jobs will be reduced to 750 from 1,760.
L. Possehl & Co. is a German manufacturing conglomerate of 130 companies in nine sectors: special purpose construction, precious metal processing, elastomer processing, electronics, international trading, mailroom systems, cleaning systems, textile finishing systems, and small and medium enterprise (SME) investments. Within its mailroom systems division is Böwe Systec, a provider of high performance envelope machines, which has been part of the Possehl Group since 2010.
Wow! still nothing for the once mighty sheetfed side of the buisness. With 750 employees and no firm buyer the end may be near. How much is an Edsel worth today? Really to bad for a once great company but in todays market it should mean a little extra piece for all the other press makers.
As reported on Monday, manroland's insolvency proceedings have come to an agreement with its creditors with regards to the fate of the pressmaker. The company will sell its Augsberg web press facility to L. Possehl & Co. Its Offenbach facility will be bought out by its management and an unnamed investor. Possehl is also seeking a long-term supplier agreement with the Plauen plant. No financial arrangements were disclosed.