The Sachsen Guss foundry is insolvent after 120 years. This is reported by the “MDR”. The cause is several crises that directly affected the traditional company. The company, which employs around 800 people, now wants to reposition itself in a protective shield procedure.
Sachsen Guss is insolvent after 120 years. The traditional company from Chemnitz announced this. The “MDR” reports about it. The cause of the financial difficulties is said to be the combination of several crises.
The high raw material prices, combined with the also high energy prices and the collapse of the wind energy market, are putting a heavy burden on the company. The result was a decline in orders.
Now the company, which employs around 800 people, wants to reposition itself in a protective shield procedure. A so-called administrator is appointed who monitors the realignment in the interests of the creditors. However, the entrepreneurial responsibility remains with the management.
A restructuring plan will be drawn up with the help of consultants in the next three months. Meanwhile, operations at Sachsen Guss continue to operate at full capacity. It is not yet known what consequences the bankruptcy will have for the approximately 800 employees.