July 29, 2019
German kitchen manufacturer Warendorf has been rescued by a Chinese investor after the company was put into administration in March.
The company will trade under the new name Warendorf Küchenfabrik GmbH and will be led by managing director Stefan Hofemeier with representatives of the Chinese investor.
The company – which has been bought for an unspecified sum – was handed over to the unnamed Asian investor by the insolvency administrator Stefan Meyer of PLUTA last week. The investor has fulfilled all conditions of the purchase agreement signed on 11 June 2019.
Administrator Stefan Meyer said: “The negotiations with the works council and IG Metall [German workers union] have always been constructive and target-oriented, even though the positions of employee representatives and the investor have naturally been different. The agreements now concluded (restructuring collective agreement and works agreement) are therefore a very pleasing conclusion to the investor process.
“I would like to expressly thank the representatives of the works council and IG Metall for their far-sighted and responsible conduct of negotiations, which ultimately made the solution possible and thus secured the vast majority of the jobs affected.
“I wish the successor company and its employees all the best for the future and, in particular, sustained economic success.”
The formal conclusion of the restructuring agreement and a works agreement have been agreed for the effective takeover. Both requirements of the transfer agreement, which were still outstanding at the time, have been fulfilled. In the past few days, all necessary demarcation work and an inventory of inventories have been carried out.
Have something to say? Email the editor