Investor sought for German iron foundry VULCAST
May 10 2022Trier / Jünkerath, 10.05.2022:
Vulcast Germany GmbH (formerly Ergocast) from Jünkerath (Eifel/ Germany) has filed an application for the opening of insolvency proceedings at Bitburg District Court. The aim is to reorganize the iron foundry business with the two divisions of machine and hand-mold casting. The Bitburg Insolvency Court appointed the restructuring expert attorney Ingo Grünewald from the law firm Professor Schmidt as preliminary insolvency administrator on April 28,2022. Attorney Grünewald on the current situation: “With the initiation of the preliminary insolvency proceedings, we
also immediately started a structured investor process in order to restructure the company as quickly as possible and yet equally in the long term. We are trying to master the balancing act between well-filled order books and exploding energy prices in parallel with the management and the customers.” Business operations will be continued by the preliminary insolvency administrator.
“Of course, it was clear to me when I took up this position that it would be a challenge,” adds Andre Lötschert, who has been managing director since the beginning of this year. “And I would like to continue to face this challenge in order to overcome the current crisis together with the team and the company. I still see the potential to do so.”
“The impressive history here at the Jünkerath site, which has lasted for centuries, is characterized by highs and lows. Even if we are currently in one of these lows, we do not consider it impossible that there can still be an efficient foundry in Jünkerath in the future.” Uwe Borgers from the Trier-based MENTOR AG, which was entrusted with the search for investors, said. “Particularly in view of the current, in some cases serious, distortions in
international procurement processes for industrial preliminary products, VULCAST could represent a sensible addition to the company’s own value creation for various market competitors.”
Active interested parties can contact MENTOR AG directly for further information. Contact persons are Uwe Borgers (uwe.borgers@mentor.ag) and Sarah Schmitt (sarah.schmitt@mentor.ag).
About Vulcast Germany GmbH
For more than 330 years the traditional foundry Vulcast Germany GmbH from Jünkerath (Eifel, Germany) has been active in the iron and steel industry. Operating in Europe and worldwide, it supplies energy companies, commercial vehicle manufacturers and the shipbuilding industry. The company is divided into two main production areas, machine casting and hand-mold casting. A total of 17,000 tons of castings are delivered annually – almost one third of production is exported. The company’s industries include power generation, compressors and compressors, and hydraulic and mechanical drive technology. Together with Ergocast Service GmbH, the foundry employs around 200 people. Production takes place exclusively at the Jünkerath site.
Further information is available at: www.vulcast.de
About attorney Ingo Grünewald
Attorney Ingo Grünewald is a certified restructuring and reorganization expert and a specialist attorney for insolvency law and commercial and corporate law. He is managing partner of the law firm Professor Schmidt Insolvenzverwalter Rechtsanwälte, one of the leading insolvency administrator law firms in Rhineland-Palatinate. The firm specializes in restructuring and reorganization processes of companies in crisis.
For further information please visit: www.tbs-insolvenzverwalter.de
About MENTOR AG
MENTOR AG is an owner-managed consulting and auditing firm. For about 25 years, its activities have focused on the areas of crisis, reorganization and insolvency. In addition to nationwide auditing activities for courts, creditor committees and administrators, MENTOR AG is active in the areas of distressed M&A and succession planning.
For further information please visit: www.mentor.ag
Contact for the media
Law firm Professor Schmidt Insolvenzverwalter Rechtsanwälte
Guido Joswig
- Press and Public Relations –
E-Mail: presse@tbs-insolvenzverwalter.de
Telephone: 0049 651 – 170830 – 113
Mobile: 0049 151 – 15859742
