Saurer Technologies restructured — bankruptcy ended
The textile machine and component manufacturer Saurer Technologies GmbH & Co. KG is selling its component businesses Accotex (elastomer components) and TEMCO (engineered bearings) to the Swiss mechanical engineering company Rieter Holding AG outside of the insolvency proceedings now that its causes have been eliminated. To this end, Rieter will take a 57 percent stake in the parent company of Saurer Technologies GmbH & Co. KG and take over the sectors Elastomer Components and Engineered Bearings. The participation will be returned to Saurer after the spin-off has taken place. The Twisting division will remain in Saurer Technologies in Krefeld and Kempten and will therefore continue to be owned by the Swiss Saurer Group. Rieter is also acquiring the automatic winding machine from Schlafhorst from Saurer Spinning Solutions GmbH & Co. KG. The purchase price for the three businesses is EUR 300 million excluding cash and debts. The binding transaction agreement was signed on August 13th. The closing, i.e. the transaction becoming effective once specified conditions have been met, is expected within the next six to nine months.
A team from Heuking Kühn Lüer Wojtek led by corporate finance specialist Sandra Pfister and insolvency law and restructuring experts David Loszynski and Dr. Martin Ströhmann accompanied Saurer Technologies in the preliminary self-administration procedure in order to primarily eliminate the external causes of the situation. Negotiations with potential investors, including Rieter AG, began immediately after the proceedings were initiated. The initial aim was a transferring restructuring from the self-administration procedure that had been opened. Corresponding contracts had already been negotiated. Due to the transaction with Rieter, Saurer Technologies — which had found itself in financial difficulties due to joint liability arising from obligations within the Saurer Group — was able to eliminate the reasons for insolvency and withdraw the application for self-administration proceedings. All jobs at Saurer Technologies will be retained as a result of the transaction.
Saurer Technologies emerged from the twisting machine manufacturers Allma and Volkmann and, since 1990, has been part of the Swiss Saurer Group — one of the world's largest textile machine groups. In Krefeld and at the Kempten site, the company develops, produces and sells twisting systems for staple fiber, carpet as well as industrial yarns and glass filaments. Elastomeric products for spinning machines (Accotex) are developed and manufactured at the Münster site. Hammelburg specializes in the development and manufacture of components for chemical fiber plants (TEMCO).
Berater Saurer Technologies GmbH & Co. KG
Heuking Kühn Lüer Wojtek:
Sandra Pfister, LL.M. (Sydney) (partner, corporate finance)
David Loszynski (salaried partner, restructuring/M&A)
Dr. Martin Ströhmann, LL.M. (Chicago) (salaried partner, restructuring)
Dr. Arnold Büssemaker, lic. en droit (partner, restructuring)
Dr. Reinhart Siegert (partner, antitrust law)
Dr. Stephan Degen, maître en droit (partner, tax law)
Dr. Søren Pietzcker, LL.M. (University of Illinois) (partner, IP law)
Dr. Hans Markus Wulf (partner, IT law)
Dr. Ruth Schneider (senior associate, antitrust law)
Beliardis Ehlert-Gasde (associate, corporate finance)
Sarah Kraft, LL.B. (associate, corporate finance/restructuring)Operational restructuring
FalkenSteg
Tillmann Peeters (partner, lawyer, fully authorized representative of Saurer Technologies)
Sebastian Wilde (partner/restructuring)
Peter Carl (partner/restructuring)
Jonas Eckhardt (partner/M&A)Administration
White & Case
Dr. Jan-Philipp Hoos (preliminary trustee, lawyer, partner)
Dr. Daniel Schwartz (local partner)
Johannes Martini (associate)
Sebastian Stein
Verena Schminke
