Industry News

Whitesell returns assets to administrator 11 August 2015

Saarbrücker Zeitung reports that US equity investor Whitesell has agreed to transfer the ownership of the real estate of four German fastener plants, their equipment, and patents and licenses, to the insolvency administrator.

At the time of the insolvency of the long troubled business, previously Acument Germany and then Ruia Global Fasteners, it became clear Whitesell had transferred the assets to a Luxembourg holding company making it virtually impossible for the administrator to find a buyer for all or part of the businesses as a going concern. According to the report the agreement has been formally notarised and Whitesell has also waived any claims for rent since the insolvency proceedings commenced. The insolvency administrator has already laid off half the work force of the plants in Beckingen, Neuss, Schrozberg and Neuwied.

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Will joined Fastener + Fixing Magazine in 2007 and over the last 15 years has experienced every facet of the fastener sector - interviewing key figures within the industry and visiting leading companies and exhibitions around the globe.

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