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Entrepreneur buys Kogel out of administration
Page 15
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EUROPE'S THIRD-LARGEST trailer manufacturer Kogel has been bought out of administration by mid-sized German car and truck trailer specialist Humbaur Group for €3.6m (£3.24m).
Administrator Arndt Geiwitz says entrepreneur Ulrich Humbaur has acquired the trademark rights and production facilities of Kbgel. Trading under the name of Kegel Trailer GmbH & Co. KG, it will continue to provide the current product range.
The company filed for administration in August, citing "demand breakdown" of 90%. After entering administration, it emerged that KOgel expected to sell 1,500 to 2,000 units this year, resulting in €50m (E42.5m) in revenue. It sold approximately 24,000 units, earning €540m (E459m) between July 2007 and June 2008.
Humbaur reveals the acquisition is "a logical step to take in setting the course for further growth'', The new company will take on 442 of the current 763 workforce.