DGAP-News: Hess AG: Restructuring concept finalised
(firmenpresse) - DGAP-News: Hess AG / Key word(s): Insolvency/Restructure of Company
Hess AG: Restructuring concept finalised
30.04.2013 / 18:10
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Hess AG: Restructuring concept finalised
- Further optimisation of workflows and cost structures at the site
in Villingen
- Considerable cuts at the site in Löbau; final statement for this site
cannot be made at this time
- Negotiations with investors at important stage
Villingen-Schwenningen, 30th April, 2013. After a short and very intensive
training period, the Managing Director of Hess AG, Andreas R. Budde, as
well as the temporary insolvency administrator, lawyer Dr Volker Grub,
presented the new concept to the staff at the site in Villingen today. The
employees at the site in Löbau (HeßLichttechnik GmbH) were already
informed by General Manager Andreas R. Budde and the temporary insolvency
administrator, lawyer Martin Mucha about the current status last Monday.
Aim of the restructuring concept is an economically viable realignment of
Hess and to enable the company to return to a sustainable profit.
As stated several times, the turnover was reported excessively in the past
whilst the company was orientated towards a significantly higher growth in
terms of turnover and quantity. This growth could not be realised in this
way.
Together with the Management of Hess, Andreas R. Budde, Dr Volker Grub and
Martin Mucha have worked very intensively on the reorientation and
realignment of the group of companies over the past few weeks. A crucial
basis for the reorientation is the mutually developed sales planning with
the sales department. This plan provides for a streamlined product
portfolio on the one hand and the concentration of sales activities on
certain core markets on the other hand. Furthermore, Hess will devote
itself again more to a project related manufacturing reflecting its
handcrafted character and aspiration for quality and design.
As Hess Group will not manage the turnaround by itself, the search for a
suitable transferee was started directly after insolvency application. The
investor process is currently in full swing. There cannot be a final
conclusion concerning the number of production sites today as this largely
depends on the person of the investor. What is certain is that the site in
Villingen where the complete value chain of the luminaire manufacturing is
located remains. Due to further optimisations, a socially acceptable
reduction in staff of around 20 employees will be carried out at this site
in coordination with the works council. 140 employees including the
trainees will be working in Villingen after the realisation of this
measure.
'On the basis of the current, realistic planning, it is difficult to
operate two production sites economically', says Managing Director Andreas
R. Budde.
Correspondingly, it is not possible to take a final position concerning the
continuity of the site in Löbau which operates as extended workbench of the
site in Villingen with 100 employees. Negotiations with investors are in
progress considering a possible takeover of this site. A final decision is
expected to be taken during the month of May. As a necessary first step, 22
employees are on leave of absence since yesterday. It is currently worked
on a reconciliation of interests.
'I am well aware that the cuts at the locations are painful, however, they
are inevitable', says Dr Volker Grub and continues: 'I am happy about the
possibility to announce the positive news at this time that we are able to
maintain the site in Villingen through the realignment of the company. We
still aim for a solution selling Hess as a whole or finding individual
partial solutions for single locations'.
Contact:
Hess AG
Marco Walz
Investor Relations/Communications
Lantwattenstraße 22
78050 Villingen-Schwenningen
Germany
Phone: +49 (0) 7721 920-475
Fax : +49 (0) 7721 920-771475
Mail : marco.walz(at)hess.eu
www.hess.eu
End of Corporate News
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30.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Hess AG
Lantwattenstraße 22
78050 Villingen-Schwenningen
Germany
Phone: +49 7721 920 0
Fax: +49 7721 920 250
E-mail: hess(at)hess.eu
Internet: www.hess.eu
ISIN: DE000A0N3EJ6
WKN: A0N3EJ
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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209265 30.04.2013
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Datum: 30.04.2013 - 18:10 Uhr
Sprache: Deutsch
News-ID 254624
Anzahl Zeichen: 2483
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Kategorie:
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