Future of Automotive Supplier Veritas is Secured
Insolvency administrator Dr. Plathner wins HDT Automotive Solutions as potential buyer
The globally active US company HDT Automotive Solutions acquires the German automotive and industrial supplier Veritas. The corresponding company purchase agreements have been signed by insolvency administrator Dr. Jan Markus Plathner, partner in the nationwide law company Brinkmann & Partner, and several acquiring companies of HDT Automotive Solutions. The purchase includes all four German sites in Gelnhausen (Hesse), Polenz and Neustadt (Saxony) as well as Benshausen (Thuringia) and all foreign subsidiaries in Europe, Asia and North America. In Germany, around 1,520 employees will be taken over. According to current plans, around 60 of the current 1,166 jobs in Gelnhausen will be cut. All employees at the six foreign subsidiaries will be transferred. The parties have agreed not to disclose the purchase price.
The purchase agreements still contain various reservations, which the insolvency administrator and the purchasers will work together to fulfill in the coming weeks and months. Among other things, several antitrust clearances are necessary. Corresponding applications for clearance of the mergers will be submitted to the relevant authorities shortly. In addition, the purchaser plans to conclude negotiations with the works council in Gelnhausen (Hesse) together with the insolvency administrator on a reconciliation of interests before the takeover. The so-called closing, i.e. the coming into effect of the contract after the stipulated conditions have been fulfilled, will take place at the end of October.
"We have succeeded in winning a globally active investor for Veritas. HDT Automotive Solutions has extensive experience in the integration of production companies and can now align Veritas with the opportunities of the future for automotive production," explains Dr. Jan Markus Plathner, a restructuring expert with automotive experience.
Insolvency administrator Dr. Plathner expressly thanks the workforce, saying, "An insolvency is a profound event that requires a great deal of patience and endurance. For more than a year, the employees performed every day and contributed to the successful business continuation. At the same time, the employee representatives and the representatives of the IG BCE trade union have worked hard on the matter, but very constructively together with us on the future of Veritas."
HDT has extensive experience in manufacturing reliable and innovative fluid and thermal management systems for various applications in the automotive industry. At the same time, the company has a long history of designing and manufacturing cost-effective, high-quality custom solutions.
"We are grateful for the commitment of the Veritas team and look forward to beginning our work together. Veritas will play an important role in expanding our global business, particularly in thermal management systems needed for the growing hybrid and electric vehicle market," said Patrick Paige, CEO of HDT Automotive. "With this expanded global footprint and the addition of key capabilities in elastomers and plastics, HDT is poised for growth by serving our global customers now and into the future."
Press Contact Insolvency Administrator Dr. Jan Markus Plathner:
Schellenberg & Kirchberg PR
About Veritas AG
Veritas AG and its subsidiaries are development partners to the automotive industry with leading materials and systems expertise for fluid, thermal and seal management in vehicles. For automotive manufacturers, Tier 1 suppliers and industrial customers, the company is represented on three continents with locations in Germany, Sarajevo (Bosnia-Herzegovina), Mieders (Austria), Dunakiliti (Hungary), Kunshan (China), Puebla (Mexico) and Cerkezköy (Turkey). The company's roots go back to the "Berliner Gummiwaarenfabrik" founded in 1849 by William Elliott in Berlin. After several mergers in the late 19th century, the company operated as Veritas Gummiwerke Aktiengesellschaft from 1929 to 1999. Veritas AG is the oldest rubber processing company in Germany.
About Brinkmann & Partner
Dr. Jan Markus Plathner has been working as an insolvency administrator for around 20 years and is highly experienced in the reorganization of insolvent companies. His proceedings and restructuring successes include the Neumayer Tekfor Group with almost 4,000 employees, the Küpper Group and numerous other automotive companies, as well as ROVEMA GmbH, the Walter Group with approx. 8,000 employees, TCG Herrmann Präzisionsdruckguss with 300 jobs and Rena GmbH with approx. 500 employees. Brinkmann & Partner was founded in Hamburg in 1980 and is now represented by 30 branches in all economic centers of Germany. Particular emphasis is placed on personal on-site support for clients by a partner and his team. Through its entrepreneurial approach, Brinkmann & Partner has earned a leading reputation in corporate restructuring and is one of Germany's largest insolvency administrator firms with over 20 trustees.
Bei der Hannover Messe vom 30. Mai bis 2. Juni 2022 ist Veritas einer von 10
Mit der kürzlich erteilten EC 79-Zulassung durch das Kraftfahrtbundesamt (KBA) ist für den hessischen Automobilzulieferer Veritas
Patrick Paige, CEO of the American Veritas investor HDT Automotive Solutions, as well as representatives of the employees' side, the top management of the Main-Kinzig district and the city of Gelnhausen met today,