Posts tagged: insolvency

manroland finds a new owner in Possehl

Ralf Schlozer
 Jan 19, 2012

… well almost. The Possehl group is only taking over the Augsburg site and the creditors committee can only give a recommendation which buyer and which investor concept to pursue. Although the recommendation is a strong one, the final decision will be made at a forthcoming meeting of the creditors. Still for a company the size of manroland having agreed on a concept in less than two months after declaring insolvency this is quite a fast pace of events.

The concept is to split manroland into three independent units, based on its three separate manufacturing sites. The new investor, Possehl, is only taking over the Augsburg site, which produces the bulk of the web-fed offset presses (and understood to be the most competitive part of manroland). manroland enjoys a very strong market position in web-fed presses and the service business alone should keep the site afloat. Currently 2,200 employees work at the Augsburg site, which will be brought down to 1,500. Read more »

Looking Back on Production Print in 2011

Ralf Schlozer
 Dec 16, 2011

The close of the year end is always a good time to look up from day-to-day business and review the important news that happened during the year.

Overall 2011 proved to be a pretty decent year for digital production printing. Installations of digital production printing equipment were on the rise again, after recovering from a drop in 2009 in the aftermath of the financial crisis. 2010 installations were already on the rise driven by gains in high end colour placements (see blog). 2011 was set to improve on that, however this time it was not financial markets that were the problem. Instead, nature struck in the early months of the year. The earthquake and tsunami in Japan raised some doubts about whether Japanese suppliers would be able to meet demand. In fact, we did see a decline in installations in device segments with large shares of Japanese manufacturers in the second quarter. However installations in the third quarter were almost up to normal again and we expect that by the fourth quarter almost all of the supply chain disruptions will have been ironed out. Overall the impact on the POD market in 2011 was limited, some product introductions could have been delayed and total sales in 2011 will be somewhat lower. Read more »

manroland enters insolvency

Ralf Schlozer
 Nov 25, 2011

While times have been tough for offset printing equipment suppliers in recent years it still came as a surprise that manroland has filed for insolvency protection (the German equivalent of Chapter 11) on the 25th of November. The announcement came only one day after reports that negotiations with a potential investor failed.

In a statement issued on its website manroland confirmed that it had been forced to initiate insolvency proceedings following a “dramatic downturn in incoming orders” since July. The company has filed a request at the local magistrate for self-administration in order to finalise its on-going restructuring efforts as a “debtor in possession,” a court-appointed lawyer will act as general representative during the time of restructuring, while the company’s situations and options are evaluated.

While several offset press vendors have exited the market in the last decade (InfoTrends not long ago reported on the state of the offset press manufacturing industry), the insolvency of manroland gives the decline in offset press manufacturing a new dimension. To put these proceedings into perspective: the insolvency of manroland is the biggest insolvency of any kind in Germany for the last two years, despite many companies having been hit by the financial crisis. It is affecting a company, which has been in business for more than 160 years and survived two world wars and the transition from letterpress to offset. Read more »

An unwelcome IPEX surprise: Böwe Systec files for opening of insolvency proceedings

Ralf Schlozer
 May 24, 2010

On May 20, 2010 Böwe Systec AG, one of the three global leading manufacturers of inserting equipment, declared the opening of insolvency proceedings (the German equivalent to chapter 11). The announcement by Böwe Systec came as a bit of a surprise to stock market analysts as orders for the first 4 months in 2010 had increased by 40% over the previous year, although revenues were down considerably in 2008 and 2009. The announcements, which came at IPEX 2010 in Birmingham UK (this year’s largest international graphic arts show) also took Böwe’s staff by surprise.

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