The packaging post-press equipment specialist entered the German equivalent of bankruptcy protection over the summer, to allow the business to restructure via a self-administration process.
Today (29 November), it was announced that Max Valier Holding had agreed a deal to acquire Kolbus, subject to certain closing conditions, having submitted the best offer for the business.
Max Valier specialises in acquiring medium-sized engineering and production companies. Its current portfolio does not include any printing industry companies.
The transaction is expected to complete on 1 January.
Significant restructuring will be required as part of the takeover, including more than 300 job losses.
Kolbus had previously employed around 650 staff at its two factories in Germany.
Production is to be consolidated at its main Rahden site, and around 340 jobs, including 90 trainees, will be saved.
In a statement Kolbus said that the relevant reconciliation of interests and social plan agreements were concluded between the business and the works council today.
“Additional restructuring steps include the closure of the production facility in the UK and the shutdown of the Krostitz site. Production from both locations will be relocated to and concentrated at the Rahden site, which will help reduce costs significantly.”
The UK site is Kolbus Autobox in Houghton Regis, the former British Converting Solutions business acquired by Kolbus in September 2018.
Production has recently been relocated from the facility to Germany, with 34 jobs going as a result.
In the statement Kolbus said that the transaction also includes the option to acquire all relevant foreign subsidiaries in the US, the UK, China and Europe; “these companies have not been involved in legal proceedings and are therefore expected to remain in the group”.
Legal adviser Maximilian Michelsen, a partner at law firm Aderhold said: “From the outset, our main priority has been to preserve the company’s substance and create a viable basis for its future.
“We have now found the ideal investor – Max Valier. Cutting jobs is a tough measure, but we were unfortunately left with no alternative. The company is well positioned for operating profitably in the future and surviving in the market in the long term.”
Max Valier Holding managing partners Hannes Mahlknecht and Franco Nocera issued a joint statement, and said: “This acquisition is a really valuable strategic addition to our portfolio. With its mechanical engineering division and foundry, Kolbus is a very good fit for us.
“Kolbus is a long-standing company that will celebrate its 250th anniversary in 2025, and we want to keep it in our group in the long term and get it back on the road to success.”
