Jwell Machinery Co. Ltd. is the new owner of blow molding equipment manufacturer Kautex, which declared insolvency in 2023. The transaction was effective Jan. 1.
Kautex will operate as an independent company under Jwell, according to the companies, which did not disclose the terms of the deal.
“With Jwell as a new strong partner for Kautex Maschinenbau System GmbH, we have a bright future ahead. Jwell is a strategic fit for us. They have a strong background in plastics machinery manufacturing. They have the financial capabilities to complete Kautex's transformation and they are committed to even increase our local manufacturing and service footprint with the target of creating the world market leader within the extrusion blow molding business," said Thomas Hartkämper, CEO of Kautex Group.
All Kautex entities except one — Kautex Shunde — are included in the deal.
Jwell retains more than half of Kautex’s employees in Bonn, Germany, and all employees at other companies. The Bonn location will continue to serve as the headquarters for manufacturing, R&D and service.
Julia Keller, former chief financial and human resources officer of Kautex, left the company and was replaced by Lei Jun as CFO. Maurice Mielke, Kautex’s global head of research and development, was promoted to chief human resources officer, and will replace Paulo Gomes as CTO Feb. 1.
Kautex had cited factors including the shift from combustion to electric engines in the automotive industry, the COVID-19 pandemic and supply chain issues as contributing to its decision to enter insolvency and seek a buyer.
Jwell Machinery, based in Suzhou City, China, manufactures extrusion equipment.
