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Financial investor takes over glass manufacturer Weck after bankruptcy

Post Time:Nov 27,2023Classify:Company NewsView:959

Almost everyone knows them: Weck preserving jars. After more than 120 years, the brand was threatened with extinction. A buyer has now been found for the insolvent glass manufacturer - but things are not going well for everyone. Wehr/Munich - There is a buyer for the insolvent manufacturer of the well-known Weck glasses. The Aurelius Group from Munich is taking over the traditional company. This was announced by insolvency administrator Thilo Braun on Thursday after a staff meeting. The contract with the financial investor was signed on November 11th. “Wirtschaftswoche” had previously reported on it.

An Aurelius spokesman also confirmed the takeover upon request: “The signatures have been submitted, but some regulatory approvals are still missing, which we expect by the end of the year.” The purchase price was in the double-digit million range. Braun did not provide any information about the price for the company and trademark rights. Weck filed for bankruptcy in mid-June. The reasons given at the time included decreased demand and high energy prices as a result of Russia's war of aggression on Ukraine. Specifically, it was about the parent company J. Weck GmbH and Co. KG, based in the city of Wehr, and the subsidiary Weck Glaswerk GmbH. According to Braun, the two locations and a large proportion of the jobs will be retained. Weck's administration and sales are located in South Baden - and so far the publishing business for magazines and guides is also located. This will not be continued. An agreement must now be found with 25 of the 115 employees there, said Braun. There is a volunteer program with severance pay. 260 people work at the glassworks based in Bonn.

Aurelius therefore wants to merge the two companies - and is now looking for a boss for the new company. Because the previous managing director Eberhard Hackelsberger is leaving the company. The great-grandson of company founder Johann Weck was the fourth generation to run the company. According to insolvency administrator Braun, there were around 15 serious offers for the glass manufacturer. At the end of the process, negotiations were held with three investors. “I really think Aurelius is a very good partner,” Braun said. The investor brings with him a huge operational team and has a lot of know-how and ideas - and the financial resources to implement them. That's great for a company that recently wasn't as positioned as it needed to be. According to its own information, Aurelius is a specialist in developing operational improvement potential. It was initially unclear how Weck might develop in the future and whether there would be changes to the product portfolio. “We can’t say anything reliable about this yet,” it said. “We will take the time in the coming months to take a closer look at everything and then make decisions.”

The traditional company Weck has been around for more than 123 years. The well-known preserving jars can be found in many cellars and pantries. With the strawberry logo, brand name and orange sealing ring, they have become a symbol for preserving food. The term “Einwecken” is even in the Duden. Nowadays, however, Weck does a large part of its business with glass packaging for the food industry - for example for pickles, mustard and jam.

(German Version on Merkur/dpa)

Source: Weck Glaswerk / MerkuAuthor: shangyi

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