The verdict is out in Manroland bankruptcy fiasco and it appears that the German company L. Possehl & Co. will emerge the victor by taking the crown jewels of the press manufacturer - the Augsburg web manufacturing site.
The announcement was made in the wake of a bidding war and speculation about possible buyouts from Chinese and American companies. Platinum Equity in Los Angeles had reportedly offered to buy all three of the Manroland sites in Offenbach, Plauen and Augsburg. Speculation was also raised that Shanghai Electric, the owner of Goss International, was interested. However it is a claim that they flatly deny.
The deal struck keeps the company in German hands, but ultimately resulted in the breakup of the business into three separate entities. The cost of the deal will ultimately result in the inevitable loss of thousands of jobs. The insolvency administrator Werner Schneider stated that job cuts would come in the following doses:
- Augsburg plant reduced from 2,200 to 1,500 workers
- Offenbauch reduced from 1760 to 750
- Plauen down from 680 to 290 positions