Insolvency administrator Dr. Plathner sells automotive and industrial supplier Poppe in Gießen to Elastofirm

Veritas Werk Giessen Poppe

The Dutch Elastofirm is taking over the German automotive supplier Poppe. The corresponding company purchase agreements have been signed by insolvency administrator Dr. Jan Markus Plathner and Poppe Elastomertechnik GmbH, a company of Elastofirm BV. The parties agreed not to disclose the purchase price..

"With Elastofirm, we have gained a recognized investor from the industry. All jobs have been secured, which is a great success," reports Frankfurt-based restructuring expert Dr. Jan Markus Plathner, who has experience in the automotive and production sectors and is also the insolvency administrator for all German Veritas companies. "At Veritas AG, we are also on the road to success. The talks and negotiations with potential investors make me feel very positive," he emphasizes. Employee representatives and the IGBCE trade union have already been informed about the purchase. The investor had also introduced himself to the employee representatives in advance.

Elastofirm is a group of elastomer companies with specialized solutions for demanding customer needs in various industries and applications. The company is based in the Netherlands. Elastofirm applies a decentralized business model with independent companies and dedicated management teams for a clear focus on their markets. The group's companies are high performing and leading players in their specialized markets in the rubber industry.

The acquisition of Poppe's assets and Veritas' Liquid Silicone Rubber (LSR) activities will create a balanced customer portfolio within Elastofirm and ensure continuity for all stakeholders. "Together with the existing management, we will build on the existing strategy and benefit from the knowledge and expertise within Elastofirm. Poppe's performance in the current challenging environment gives Elastofirm confidence for the future," emphasizes Harmen Smid, Managing Director of Elastofirm. Patrick Vogel, Managing Director of Poppe Elastomertechnik GmbH, comments: "Poppe is a reputable supplier to leading companies in the automotive and other industries, based on a high level of technical expertise and long-term partnerships. Together with Poppe's management, we will accelerate the strategic growth plan."

Poppe and LSR can now leave the uncertain time caused by the insolvency situation of Veritas AG behind and concentrate fully on the challenges and opportunities in their markets. Elastofirm thanks everyone involved for the successful completion of this intensive process and for their trust in the procedure. "Elastofirm is proud that Poppe and the LSR activities are becoming part of the group and is looking forward to a successful cooperation with employees, customers and other stakeholders," said Harmen Smid and Patrick Vogel.

Poppe is one of the leading manufacturers of seals and profiles made of elastomers for the automotive industry and commercial vehicles, for plant and building technology, mechanical engineering and the field of renewable energies. In Giessen, the company focuses on the production of spacers and OEM / automotive profiles. The company employs 227 people.

Giessen, February 11, 2021