Fuba Printed Circuits GmbH declares itself bankrupt
Jul 08, 2005
A self-administration procedure ("chapter eleven") shall allow a quick restructuring / Maintaining the site Gittelde and Dresden has first priority / No alternative to reduction of jobs
The FUBA PRINTED CIRCUITS GMBH, fourth largest European manufacturer of circuit boards for the automotive and telecommunication industry as well as for the industrial electronics, has filed a petition for insolvency in self administration. Mr Torsten Gutmann, attorney/lawyer, Hannover, is the temporary insolvency administrator. According to the informations given by the company on 7. July 2005, a restructuring plan was submitted at the same time. With this re-structuring plan it is intended to save more than 600 of the actually 870 jobs in Gittelde/Harz and Dresden.
The main emphasis of the intended reduction of staff lies in the plant Gittelde, where 240 blue collar and white collar workers shall be offered a transition into an employment and qualification society. In Dresden there shall be dropped 15 jobs - so the informations of the FUBA Management.
The Managing Director Andreas Ebeling names as reason a global break-in of the printed-circuit-board market, a high charge caused by balance sheet legacies as well as "a spiral of under-utilization and not living prices first of all in the plant Gittelde". These factors as well as in particular the too high personnel costs and personnel over-capacities led now to the petition for insolvency.
Ebeling: "Since our takeover in October 2003 we have to accept losses in our plant Gittelde. The reasons for these losses are first of all that our production sites are not yet entirely orientated towards the needs of the market." Ebeling and his colleague in the FUBA- Management, Walter Drach, had taken over the FUBA PRINTED CIRCUITS GMBH within the scope of a Management-Buy-Out by 1. October 2003 from the VOGT electronic AG.