Insolvency administrator Volker Böhm: "I am pleased that we were able to achieve our goal of preserving the company and as many jobs as possible with today's signing of the contract."
The insolvency administrator of Heuschkel Druckguß GmbH, lawyer Volker Böhm of Schultze & Braun, has succeeded in transferring the company to an investor. With effect from 1 August 2021, the Magenwirth Group will take over the business operations of the traditional Nuremberg company.
Representatives of the investor and the insolvency administrator signed the corresponding purchase agreement in Nuremberg on Friday. This means that the die-casting foundry, which was founded in 1911, and its 50 jobs will be retained at the Nuremberg site. Böhm had continued to run the company since it filed for insolvency in February 2020 and implemented a restructuring concept. The sale now marks the successful end of a search for investors under difficult conditions.
"The Corona pandemic has made it considerably more difficult to continue business operations and has also made the search for investors a challenge. I am all the more pleased that we were able to achieve our goal of preserving the company and as many jobs as possible by signing the contract today. It was a joint effort, especially for the employees of Heuschkel, because of the necessary restructuring measures. I would like to thank them, the very constructive works council and the representatives of the trade union in particular," says Böhm.
The buyer is the Magenwirth Group based in Bad Urach/Baden-Württemberg. With its Magura brand, Magenwirth is an established manufacturer of bicycle components, especially hydraulic brakes for bicycles. Around 550 employees work for Magura in Germany, the USA and Asia.
At group level, the Magenwirth Group employs more than 1100 people in its bicycle and motorbike components, plastics and precision engineering and industrial electronics divisions and generates sales of more than 200 million euros. "With the Magenwirth Group, Heuschkel Druckguss is gaining a strong partner who has already maintained close customer relations with Heuschkel in previous years. In my view, the die-cast components from Heuschkel are a very good addition to the Magenwirth Group's broad product range.
They offer synergy effects that can lead to joint growth in the future. With the recent recovery of the market for die-cast components, the companies have a solid economic basis for their joint path," says insolvency administrator Böhm. Heuschkel Druckguss GmbH, based in Nuremberg, was founded in 1911 by Max Heuschkel as only the fourth die-casting foundry in the former German Empire. The company specialises in precision die-cast parts made of aluminium and zinc and most recently generated a turnover of around 12 million euros per year.
Its customers include companies in toolmaking and mechanical engineering, the automotive and commercial vehicle industries, and manufacturers of gardening and landscaping equipment. In February 2020, Heuschkel filed for insolvency after a major customer placed significantly fewer orders and this decline could not be offset by the acquisition of new customers
