Purchase agreements for large parts of the German automotive and industrial supplier Veritas were concluded with companies belonging to the two investor families led by Mr. Baran Celik and Mr. Nuvit Gundemir. Insolvency administrator Dr. Jan Markus Plathner, partner in the law firm Brinkmann & Partner, which operates nationwide, and the investors from Turkey signed on December 1st.

Through Beycelik Holding, the Celik family owns 50 percent of Beycelik-Gestamp Automotive, which has more than 4,000 employees and annual sales of more than 500 million euros. The Gundemir family is the owner of textile, real estate and automotive companies with 1,500 employees and a total annual turnover of 150 million euros.

The purchase includes three German locations in Gelnhausen (Hessen), Polenz and Neustadt (Saxony) as well as all foreign subsidiaries in Bosnia, Austria, Hungary, Turkey, China and Mexico. It was agreed not to disclose the purchase price.

The purchase contracts still provide for a number of conditions that the buyers and the insolvency administrator must meet together in the coming months.

Talks are currently being held with an interested party for the location in Benshausen (Thuringia), which is still up for sale and has around 200 employees. Business operations in Thuringia will initially continue as normal.