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Karl Knauer GmbH: Application for insolvency for Neuenstein plant

19.03.2019 10:22 Uhr Industry

The management of Karl Knauer GmbH filed an application for insolvency at Heilbronn district court on 18 March for its plant in Neuenstein. The parent company Karl Knauer KG in Biberach and the site in Pniewy, Poland, are not affected by the application for insolvency. "Unfortunately, our restructuring efforts to make the production of folding boxes profitable at our Neuenstein site have not been sufficiently effective during the past 21 months," explains Richard Kammerer, Managing Director of Karl Knauer KG. "This is particularly regrettable because Karl Knauer GmbH in Neuenstein was not far from reaching the turnaround. The main shareholders have invested substantial shareholder funds and the management has made tremendous efforts towards integration into the plant network," continues Richard Kammerer. According to the company, the economic situation of the parent company Karl Knauer KG looks more positive: In cooperation with a renowned management consulting company, the management has prepared measures for a successful concept for the future in order to exclude negative effects from the insolvency of the subsidiary in Neuenstein. "We are certain that Karl Knauer KG, with its sites in Biberach and Pniewy, is strongly positioned and has a good perspective even without Neuenstein," emphasises Richard Kammerer of Karl Knauer KG.

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