Adcuram in Battenfeld controversy

Adcuram Group AG's portfolio company Battenfeld Kunststoffmaschinen GmbH has been hit by a series of tumultuous events. The injection press manufacturer based in Kottingbrunn and Meinerzhagen was originally sold to OOD Private Equity Ltd on 21 December 2007. Battenfeld filed for insolvency shortly thereafter. In early January, Adcuram cancelled the sale of Battenfeld Kunststoffmaschinen GmbH, citing "doubts voiced about the purchaser" - the insolvency had been widely covered in the press and attracted the interest of legal entities.

According to Adcuram, Battenfeld Spritzgiessgruppe, to which Battenfeld Kunststoffmaschinen GmbH belongs, had been in financial difficulties for several years due to the highly competitive market of commodities with ruinous pricing competition, as well as management mistakes and other factors.

Adcuram acquired the company in autumn 2006 with the purpose of restructuring it, but the company's financial situation continued to worsen in 2007. This led to a strategy of focusing on the services business of Battenfeld, Battenfeld Service Gesellschaft, which was carved out prior to the cancelled sale to OOD Private Equity.

Lower Austria and Adcuram are currently cooperating to save the insolvent company. As part of the rescue plan, Battenfeld Service Gesellschaft has been reincorporated into Battenfeld Group. Deloitte & Touche has been hired to advise.

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