Foundry Corporate News

Discussion for financial restructuring at Senator Technology in progress

Dec 22nd, 2008

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Buchholz / Nordheide - The world-wide financial- and commercial crisis have reached a long-established company in the foundry industry. Before the end of last year Senator Technology (reknown as MBS Maschinenbau Sproetze) has been filed for insolvency. In June they have been celebrating the 60th anniversary of their quality brand “Schneider Senator” and this show was one of the most successful exhibitions in company history.

Accordingly the company with 98 employees doesn’t have a deficit in orders, but rather suffers from a restrictive credit granting politic of the commercial banks.

„We could have had the best commercial year in the history of our company“, explains the Managing Director Hans-Eckart Joost. "We have expected an increase in sales of 30 percent.“ This business success is invalid now. - "this is a tragic moment in this mainly positive development".

At the beginning of the year Senator Technology accepts a casting machinery bid from automotive industry over 5 million Euros. The related pre-financing effects would not have been a problem under normal financial conditions – but the banks did not continue the credit line customary within foundry industry branch for interim financing of these major projects.

Due to the good order situation the provisional insolvency administrator decided, that the commercial operations will be continued in full extent. The parts supply, the works service as well as the delivery of ordered machines are assured.

At the moment Senator is discussing intensively with investors. The continuation of the company is the main aim of all participants. Because of the great success in casting machinery and paper cutters with robot-supported functions, Senator is quite sure to present a reliable solution in a short time.

„It is assumed that Senator Technology and his quality brand MBS Casting Technology will further exist in the foundry market,“ says Hans-Eckart Joost confidently.

Suppliers Catalogue: Senator Technology GmbH

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