Metz: future is secured

Munich, 28 April 2015. The manufacturer of TVs and flash units can look to the future with confidence again. As insolvency administrator Joachim Exner communicated today, company operations have been sold to two investors today. Both investors have committed to maintaining operations at the Zirndorf site for the long term.

2015_04_Metz_Daum_Skyworth_RECOVThe TV business is bought by Skyworth, the Chinese electronics group. Skyworth is the market leading TV manufacturer in China and among the top ten TV manufacturers worldwide. The company has a global headcount of around 37,000 employees, approximately 30,000 of whom work in the TV segment. Skyworth has been on a steady international growth course for years. The company uses acquisitions in particular to tap into new markets and thus manages to generate up to double-digit growth, most recently around 50% in South Africa.

Skyworth maintains the production and development site in Zirndorf and wants to strengthen and expand the Metz brand from here. At the same time, Zirndorf and the existing network will be used as a hub to further develop the European market for the Skyworth own brand products. For this purpose, the company will take over 152 of the remaining 219 employees in the TV segment. As a result, around 70 per cent of the jobs will be preserved. The creditors have already agreed to the sale, and the approval by the relevant anti-trust authorities has been requested. The transfer of undertakings is planned for 1 June.

The flash units and plastics business is bought by the Daum Group, located in the region. The Daum Group is a manufacturer of innovative drive solutions in the field of electro mobility and of high-end fitness equipment, operating on an international scale. The company is focused on Germany as a production location, which has made it one of the largest manufacturers of electric drives for bicycles ‘Made in Germany’. The company has a headcount of around 100 employees at the company headquarters in Fürth. The takeover of the flash unit and plastics business from Metz secures important know-how for the Daum Group concerning future company growth and also expands its product portfolio. Daum takes over 146 out of 174 employees in the Metz flash units and plastics segment. This means that nearly 85% of jobs is maintained. The creditors have already approved the sale. The transfer of undertakings is planned for 1 May.

“With Skyworth and Daum, Metz has gained two strong partners at its side, both with a clear vision and proven staying power. This provides Metz with a long-term perspective. And that the Zirndorf site and the majority of jobs in the region have been preserved makes me particularly happy.”

– Exner, insolvency administrator

All parties have agreed not to disclose the purchase prices for the two takeovers. 87 employees, who will not be taken over by the investors, will be provided with the opportunity to join a transfer company for six months, in which they will be supported with qualification measures. 26 employees will leave the company at their own request.

“This allows us to offer those employees not taken over by the investors the chance to enter the qualification company and thus open up new prospects. This is an absolute exception in insolvency proceedings. Without the reliable, enormous commitment of the employees, it would not have been possible to achieve such a positive result in the investor process. We would also like to extend our thanks to other relevant parties, first and foremost the work council, but also IG Metall, our trade partners, suppliers, creditors and last but not least the political decision makers at municipality and federal state level.”

– Exner, insolvency administrator

Metz-Werke GmbH had filed for insolvency in November 2014. Since then, the insolvency administrator and the management team succeeded in maintaining its full operational strength. At the same time, a global, structured investor process was initiated in order to find new partners for Metz with a long-term orientation, which has now been accomplished.

(Source: Metz Werke GmbH Co KG; Pressekontakt Christoph Möller, möller pr)

ACXIT Recovery Management has been mandated exclusively as M&A-advisor to the insolvency administrator.

About Dr. Beck & Partner – Rechtsanwälte und Insolvenzverwalter

Founded in 1998 by Dr Siegfried Beck, today the partnership is one of the leading law firms with 8 insolvency administrators and 180 employees, working exclusively in the field of insolvency administration and insolvency law. Dr. Beck & Partner is based in Nuremberg, Munich, Regensburg, Ansbach, Hof, Wurzburg, Augsburg and Landshut. Attorney at law Joachim Exner is a Managing Partner at Dr. Beck & Partner and is appointed as insolvency administrator by various German district courts. In addition to Metz, he has been responsible for the recent insolvency proceeding of Neumayer Tekfor, Loewe, Sellner Group and Scherer & Trier. (www.ra-dr-beck.de)

About ACXIT Recovery

ACXIT Recovery Management as part of ACXIT Capital Partners, is an independent consultancy firm exclusively dedicated to distressed Mergers & Acquisitions. ACXIT Recovery delivers tailored solutions and transactions to small and medium sized companies as well as to insolvency administrators. The partners of ACXIT Recovery were in charge of over 100 successful transactions in restructuring and insolvency situations over the last eight years.

ACXIT Capital Partners is a leading international corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and abroad. Since 1998 we offer our clients comprehensive corporate finance advisory services including M&A, capital markets as well as restructuring and strategic advisory. As an independent, privately owned firm we maintain offices in Frankfurt, Berlin, Munich, Zurich, Vienna and Hong Kong as well as strong alliances in France, China, India and the USA. (www.acxit.com)

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Transaction Team

Nikolaus Röver, Managing Partner
Philipp Schult, Senior Analyst
Christian Stippler, Director
Stefan Hampker, Associate