Hess AG
Hess AG: Restructuring concept finalised
Hess AG / Key word(s): Insolvency/Restructure of Company 30.04.2013 / 18:10 --------------------------------------------------------------------- Hess AG: Restructuring concept finalised - Further optimisation of workflows and cost structures at the site in Villingen - Considerable cuts at the site in Löbau; final statement for this site cannot be made at this time - Negotiations with investors at important stage Villingen-Schwenningen, 30th April, 2013. After a short and very intensive training period, the Managing Director of Hess AG, Andreas R. Budde, as well as the temporary insolvency administrator, lawyer Dr Volker Grub, presented the new concept to the staff at the site in Villingen today. The employees at the site in Löbau (Heß Lichttechnik GmbH) were already informed by General Manager Andreas R. Budde and the temporary insolvency administrator, lawyer Martin Mucha about the current status last Monday. Aim of the restructuring concept is an economically viable realignment of Hess and to enable the company to return to a sustainable profit. As stated several times, the turnover was reported excessively in the past whilst the company was orientated towards a significantly higher growth in terms of turnover and quantity. This growth could not be realised in this way. Together with the Management of Hess, Andreas R. Budde, Dr Volker Grub and Martin Mucha have worked very intensively on the reorientation and realignment of the group of companies over the past few weeks. A crucial basis for the reorientation is the mutually developed sales planning with the sales department. This plan provides for a streamlined product portfolio on the one hand and the concentration of sales activities on certain core markets on the other hand. Furthermore, Hess will devote itself again more to a project related manufacturing reflecting its handcrafted character and aspiration for quality and design. As Hess Group will not manage the turnaround by itself, the search for a suitable transferee was started directly after insolvency application. The investor process is currently in full swing. There cannot be a final conclusion concerning the number of production sites today as this largely depends on the person of the investor. What is certain is that the site in Villingen where the complete value chain of the luminaire manufacturing is located remains. Due to further optimisations, a socially acceptable reduction in staff of around 20 employees will be carried out at this site in coordination with the works council. 140 employees including the trainees will be working in Villingen after the realisation of this measure. 'On the basis of the current, realistic planning, it is difficult to operate two production sites economically', says Managing Director Andreas R. Budde. Correspondingly, it is not possible to take a final position concerning the continuity of the site in Löbau which operates as extended workbench of the site in Villingen with 100 employees. Negotiations with investors are in progress considering a possible takeover of this site. A final decision is expected to be taken during the month of May. As a necessary first step, 22 employees are on leave of absence since yesterday. It is currently worked on a reconciliation of interests. 'I am well aware that the cuts at the locations are painful, however, they are inevitable', says Dr Volker Grub and continues: 'I am happy about the possibility to announce the positive news at this time that we are able to maintain the site in Villingen through the realignment of the company. We still aim for a solution selling Hess as a whole or finding individual partial solutions for single locations'. Contact: Hess AG Marco Walz Investor Relations/Communications Lantwattenstraße 22 78050 Villingen-Schwenningen Germany Phone: +49 (0) 7721 920-475 Fax : +49 (0) 7721 920-771475 Mail : marco.walz@hess.eu www.hess.eu End of Corporate News --------------------------------------------------------------------- 30.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Hess AG Lantwattenstraße 22 78050 Villingen-Schwenningen Germany Phone: +49 7721 920 0 Fax: +49 7721 920 250 E-mail: hess@hess.eu Internet: www.hess.eu ISIN: DE000A0N3EJ6 WKN: A0N3EJ Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 209265 30.04.2013
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden