Sturtz Emerges from Insolvency Under New Ownership
March 11, 2013
Willi Stürtz Maschinenbau GmbH has been acquired by a private investment firm and will now operate under the name Stürtz Maschinenbau GmbH. The company filed preliminary insolvency proceedings in December 2012.
The purchase includes all physical and intellectual property at the Stürtz headquarters in Neustadt/Wied-Rott, Germany, as well as the physical assets of the Stürtz Machinery Inc. (SMI) subsidiary in Twinsburg, Ohio. Karl-Heinz Stürtz will retain his position as president and CEO of SMI. Ellis Dillen, vice president and COO of SMI, and Don Johnsen, technical manager of SMI, also will retain their ownership and positions in the U.S. subsidiary. The remainder of the SMI staff remains intact, and day-to-day operations have continued without interruption, according to a release.
Along with the new ownership comes a long-term agreement with Commerzbank AG to provide necessary lines of credit to continue operating as a leading innovator in the vinyl fenestration equipment industry, company officials report.
“Most importantly, the entire SMI staff and about 90 percent of the staff in Germany are still with the company," Dillen says. "The knowledge and experience of this team cannot be replaced. We come out of this financially stronger and with a solid ownership group who is committed to continuing to lead this industry.” He adds, “I want to thank our loyal customers for the opportunity to continue to serve them and for standing by us over the past couple months as this deal came together.”