European Furnace Builder Insolvent
In Germany we find furnace builder Artur Nolzen Industrieofenbau, a furnace manufacture with a history which goes back over 100 years English – Nolzen Industrieofenbau Very unfortunately the company was recently declared insolvent which means that the company will remain in business with wages being paid until an investor is found.
It would appear that the company had fixed contracts but with the recent spike in material pricing the firm was struggling to turn a profit on existing orders. While this translation from German to English is rather “cumbersome” it does present the details including the fact that the company has built over 10,000 systems in their history-a very impressive milestone.
“The provisional insolvency administrator of Wuppertal-based Artur Nolzen Industrieofenbau, lawyer and specialist in insolvency and reorganization law Marco Kuhlmann of KKN Rechtsanwälte, has informed the company’s nearly 40 employees as well as customers and suppliers that the business operations of the specialist for heat treatment plants will continue without restrictions. The aim of the proceedings is, in particular, to adapt the order structure of the family-owned company, which was founded in 1919 and most recently had annual sales of around eight million euros, to the current economic conditions.
“The order situation is good, and the know-how of the employees is highly valued by customers,” explains Kuhlmann, the provisional insolvency administrator. “The conditions for projects that had already been agreed before the Corona crisis contributed in particular to the impending insolvency. With the instruments of the insolvency code, we can readjust such projects and try to adapt the contract structure of this family-owned company to the current economic conditions for an adequate future.”
Kuhlmann is confident that he will be able to adequately take into account the consequences of persistently high energy prices, material costs or the rising interest rate level in the upcoming corporate planning. Kuhlmann has initially pre-financed wages and salaries for the employees for the next three months. During these months, a structured process will be implemented to find an investor who will participate in a profitable future for Artur Nolzen Industrieofenbau.
The managing director of the specialist for heat treatment plants had filed for insolvency proceedings on February 23, 2023. On the same day, the competent local court in Wuppertal had appointed attorney Marco Kuhlmann as provisional insolvency administrator of Artur Nolzen Industrieofenbau GmbH & Co. KG.
About Artur Nolzen Industrieofenbau; Artur Nolzen Industrieofenbau designs, manufactures and programs both fully automated furnace systems and chamber furnaces in the temperature range up to 1,250 degrees Celsius that are individually coordinated with the customer. Currently, 10,000 plants of the experienced and established Artur Nolzen Industrieofenbau are in operation worldwide, especially in the automotive, wind energy and metal processing industries.”
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