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Honsel restructuring set for completion after only seven months


· MartinRea and Anchorage to acquire Honsel
· Green light from Creditors’ Committee
· All 4,300 employees keep their jobs
· Integration promises growth potential



Honsel AG will be getting new owners and investors with Canadian automotive supplier MartinRea International Inc. and the financial investor Anchorage. MartinRea will be acquiring the majority and with it industrial leadership. The Creditors’ Committee decided on this solution at its meeting yesterday. With it, the sale of the global automotive supplier has been successfully initiated in a time of merely seven months. MartinRea will take over all 4,300 employees.

“We can thank the good and international cooperation between all parties involved for the fast success. I would especially like to emphasize the constructive stance taken by all parties represented on the Creditors’ Committee. We now have an industrial solution that can be implemented within a few weeks,” stressed insolvency administrator Dr. Frank Kebekus. The sale will achieve the key goals, namely to secure jobs and satisfy the creditors’ interests to the greatest possible extent. At its core, Honsel survives as a unit. With the restructuring completed and a “start
from scratch” there is also a lead on the starting grid in the competition with other automotive suppliers according to Kebekus.

Kebekus rejects out of hand reports concerning the supposed voting behaviour of members of the Creditors’ Committee. “Everything I’m reading is absolute nonsense. Each member has one vote and does not have to justify his vote”. Otherwise Kebekus points out that, from objective points of view, the decision for MartinRea is the best solution for Honsel.

With Honsel, MartinRea has found an acknowledged light engineering specialist, which ideally complements the products and services offered by MartinRea. Honsel’s die casting expertise and materials knowhow, in particular, are fields of competence that can be expanded worldwide. The contracts are set to be signed within the next few weeks.


Even in international comparison, the successful conclusion of the bankruptcy procedure is yet more evidence of the functional integrity of German bankruptcy law. Practically all jobs could be saved. With the integration into the MartinRea Corporation, all Honsel employees also have a good opportunity to benefit from the global growth strategy of MartinRea.


About Honsel:

Honsel is one of the world's leading producers of light-metal components with primary focus on the
automotive industry. The company develops and manufactures aluminium and magnesium products using the casting, extruding and rolling processes for engine, transmission, suspension and car body of passenger cars and commercial vehicles. Additionally, the company supplies products for engineering and other applications. Components and solutions from Honsel reduce vehicle weights, fuel consumption and emissions, thus contributing to environmental protection. Founded in 1908, Honsel has become a development partner and systems supplier for the worldwide automotive industry and has facilities in Germany, Spain, Brazil and Mexico. About 4.300 employees achieved external product sales of about 645 million Euros.

 

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