Stürtz Maschinenbau Emerges from InsolvencyMarch 7th, 2013 | Category: Uncategorized
Effective March 1, 2013, Willi Stürtz Maschinenbau GmbH was acquired by a private investment firm and will now operate under the name Stürtz Maschinenbau GmbH (Stürtz.) The company had filed preliminary insolvency proceedings in December of 2012.
The purchase of the company by a family-owned investment firm includes all physical and intellectual property at the company headquarters in Neustadt/Wied-Rott, Germany as well as the physical assets of the Stürtz Machinery Inc. (SMI) subsidiary in Twinsburg, Ohio.
Karl-Heinz Stürtz remains active at Stürtz and retains his position as president and CEO of SMI. Ellis Dillen, vice president and chief operating officer, and Don Johnsen, technical manager, also retain their ownership and positions in the U.S. subsidiary. The remainder of the SMI staff remains intact as day-to-day operations have continued without interruption, according to an announcement from Sturtz.
Along with the new ownership comes a long-term agreement with Commerzbank AG to provide necessary lines of credit to continue operating in the vinyl fenestration equipment industry.
“The entire SMI staff and about 90 percent of the staff in Germany are still with the company,” says Dillen. “The knowledge and experience of this team cannot be replaced. We come out of this financially stronger and with a solid ownership group who is committed to continuing to lead this industry.”