By Bruce Geiselman
A German investor has signed an agreement to purchase Illig, a German manufacturer of thermoforming machines that in April announced it had entered insolvency proceedings in self-administration, the equivalent of Chapter 11 bankruptcy under U.S. law.
As a condition of the sale, Illig last week announced it would eliminate around 200 jobs in almost all areas of the company to ensure competitiveness. Illig management informed the workforce of the job reductions on July 12.
On July 17, Illig announced the signing of an agreement with an experienced German investor that focuses on medium-sized companies in complex situations. Further conditions must be clarified before full ownership can be transferred, according to an Illig press release. The deal is expected to close at the beginning of August. The Illig press release did not identify the buyer, but at least one German media outlet reported the buyer was Orlando Capital, and an Illig spokesman confirmed that information to Plastics Machinery & Manufacturing.
The new company will take over all tasks of Illig Maschinenbau GmbH & Co. KG and continue with the Illig brand name and existing portfolio of thermoforming and packaging systems in all sales regions worldwide.
“The investor will use significant cash resources to position Illig as a market leader in the long term,” according to the press release. “The acquisition will be funded exclusively with equity capital and aims to achieve a very high equity ratio.
“Together with the new investor, Illig’s management is optimistic about the future: Illig remains a global technology driver and is still seen as a strong and international quality brand in the development and manufacturing of high-performance machines for packaging and thermoforming.”
Illig will focus on international growth and the further development of strategically important product areas and markets, according to the press release.
Contact:
Illig Maschinenbau GmbH & Co., Heilbronn, German, 49-7131-505-0, www.illig.de
