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A prominent German fastener company has succumbed to financial pressures and filed for insolvency, highlighting the challenges faced by businesses in the current economic climate. The Joseph Dresselhaus GmbH & Co. KG, which employs approximately 600 people, announced its decision to initiate insolvency proceedings, citing persistent economic difficulties as the primary reason.
The firm, based in Herford, had previously undertaken several cost-cutting measures, including the reduction of around 50 jobs in late 2024 and the planned closure of its facility in Urbach, Baden-Württemberg, set for July 31. Despite these efforts, the company was unable to stabilize its financial situation, leading to the recent filing with the Bielefeld District Court.
Markus Schörg, the company's managing director, explained that despite implementing various strategies aimed at economic stabilization and operational restructuring, the necessary financial resources to execute these plans effectively were not available. The company had engaged with Nimbus, a Dutch private equity firm, in hopes of leveraging its investment to enhance their core business operations.
Financial reports from previous years indicated that the company had achieved approximately EUR209 million in revenue in 2023, displaying a profit of EUR21 million. However, this profit was significantly buoyed by exceptional items, including the sale of four properties totaling EUR24.9 million. Without these extraordinary gains, the company would have recorded a loss for the year.
Moving forward, the company intends to explore all available restructuring options under the insolvency proceedings to realign its operations and ensure the long-term viability of the Dresselhaus Group. The self-administration structure of the insolvency process allows for a more organized and expedited transformation process.
The restructuring process will be managed by attorney Marc-Philippe Hornung, who possesses extensive experience in handling insolvency cases. He will be supported by Thomas Rieter from the GÖRG law firm, while the daily operations will continue to be overseen by Schörg.
The Joseph Dresselhaus GmbH & Co. KG was founded in 1950 and has its headquarters in Herford, with additional operations in Russia, Italy, Austria, and Turkey. This insolvency filing adds to a growing list of companies facing financial difficulties, reflecting broader trends within the industry.
Section: Arts
Section: Arts
Section: News
Section: Arts
Section: Arts
Section: Arts
Section: News
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Section: Business
Section: Arts
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