Germany: Fuhrländer Files for Insolvency
Wind energy turbine manufacturer Fuhrländer AG in Liebenscheid/Germany has filed for insolvency at the Local Court Montabaur on September 20, 2012. Prior to this, the company already initiated essential personnel measures in February 2012, mainly at its headquarter in Liebenscheid. Subsequent, mutual consent was agreed between the company, its Works Council and union IG Metall to reduce staff by 70 employees until March 31, 2012.
At the same time, entire restructuring measures were started to focus activities on the core business. All other expenditures were reduced to a minimum. To secure continuation of the business, Fuhrländer reached agreements with all major business partners.
In parallel, an extensive investor process was started, resulting in a majority participation of a Ukrainian consortium at Fuhrländer AG during May 2012. The cooperation with the Ukrainian investors started already 3 years ago, leading to a successful market development in Ukraine which is planned to be continued in future.
However, customer‐side project delays caused unforeseeable postponements in payments, which Fuhrländer was unable to compensate. As a result, the company filed for insolvency.
The Fuhrländer Executive Board will do its utmost to continue running business during the insolvency process and will take all necessary steps to maintain its activities at the headquarter in Liebenscheid.
Press release, September 24, 2012; Image: Fuhrländer