Germany's technology group Körber will reacquire all the shares in Papersystems Holding, including its subsidiaries ECH Will, Kugler-Womako and Pemco, from the group of investors headed by Orlando Management AG. The acquisition would help the company to avoid insolvency and safeguard "a substantial proportion of jobs," Körber said. The acquisition might be subject to approval by the relevant authorities. Körber AG sold the companies E.C.H. Will, Kugler-Womako and Pemco, which were not part of its core business, to a group of investors advised by Orlando Management AG on January 1, 2012. On 28 June 2013, Papersystems Holding, including the two affiliates E.C.H Will, Kugler-Womako, filed for protective shield proceedings under the German bankruptcy law. All of the Papersystems group's operating companies were essentially sound businesses; Kugler-Womako and Pemco were generating profits, while the problems faced by E.C.H Will were soluble, Körber explained. The troubles for the paper machine and converting machinery manufacturer E.C.H Will, began in mid 2012 due to the stagnating graphic paper market and the economic slowdown in Asia, heavily impacting demand for new machines.
Körber buy back Papersystems Group
Körber reacguires Papersystems Group. The move aims to save the Papersystems Group from insolvency.
Germany's technology group Körber will reacquire all the shares in Papersystems Holding, including its subsidiaries ECH Will, Kugler-Womako and Pemco, from the group of investors headed by Orlando Management AG. The acquisition would help the company to avoid insolvency and safeguard "a substantial proportion of jobs," Körber said. The acquisition might be subject to approval by the relevant authorities. Körber AG sold the companies E.C.H. Will, Kugler-Womako and Pemco, which were not part of its core business, to a group of investors advised by Orlando Management AG on January 1, 2012. On 28 June 2013, Papersystems Holding, including the two affiliates E.C.H Will, Kugler-Womako, filed for protective shield proceedings under the German bankruptcy law. All of the Papersystems group's operating companies were essentially sound businesses; Kugler-Womako and Pemco were generating profits, while the problems faced by E.C.H Will were soluble, Körber explained. The troubles for the paper machine and converting machinery manufacturer E.C.H Will, began in mid 2012 due to the stagnating graphic paper market and the economic slowdown in Asia, heavily impacting demand for new machines.
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