Four of the companies that make up the Achern, Germany-based Fischer Group have entered into preliminary insolvency proceedings, according to a statement on the site of Schultze & Braun, a service provider for insolvency administration and advice on restructuring and insolvency law. The Baden-Baden District Court has appointed the Dr. Dirk Pehl from Schultze & Braun as preliminary insolvency administrator.
The four companies affected by the insolvency applications are Fischer GmbH, Fischer Rohstoffe GmbH, Fischer cyclepor Deutschland GmbH and recyplast GmbH. They will continue to operate as usual. The wages of the companies’ in total 160 employees are covered by insolvency money up to and including March.
The reason for the current insolvency situation is said to be twofold. Next to a significant, partly pandemic-related drop in sales to the automotive industry - the companies’ main customer - there was also a considerable rise in the prices of raw materials, which could not be passed on to customers. However, the construction business had remained relatively stable, Pehl noted.
For Fischer Rohstoffe, target markets such as Great Britain or Turkey and Asia, in particular, could no longer be adequately supplied due to the various restrictions.
Pehl is currently assessing the economic situation and examining restructuring options. Among others, he has announced that he will be searching for an investor who is willing and able to take over the company.
"The aim of the search is to maintain and secure jobs, the company, and the locations," he said.
Fischer Group, founded in 1999, has nine sites throughout Germany. The recycling group processes around 65,000 tons of plastic annually across all locations and generates an annual turnover of around €33 million.