German court opens insolvency proceedings against WP Mannheim

03 May 2011 20:32  [Source: ICIS news]

LONDON (ICIS)--A court in Mannheim, Germany, has opened insolvency proceedings against WP Mannheim, but the fine chemicals firm continues to be in normal production, an administrator said on Tuesday.

WP Mannheim’s insolvency administrator, Tobias Hoefer, said the proceedings would not affect the company's customers. WP was renamed last year from its previous name, WeylChem.

Meanwhile, the staff’s wages are secure, and workers will get the 4.1% wage hike agreed under the 2011 collective bargaining deal in Germany’s chemical industry, Hoefer said.

Hoefer added that he is negotiating with a number of potential investors to buy WP Mannheim. He did not disclose the names of the investors.

The company, which filed for insolvency in February, was acquired in 2005 by International Chemical Investors Group (ICIG), a Luxembourg-based private industrial holding company focused on mid-sized chemical and pharmaceutical businesses.

Read Paul Hodges’ Chemicals and the Economy Blog

By: Stefan Baumgarten
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly