Investor from Saxony takes over Eisenwerk Hasenclever

An investor has been found for the insolvent automotive supplier Eisenwerk Hasenclever & Sohn from Battenberg in northern Hesse. The DiHAG Integrated Foundry Group, based in Coswig, Saxony, took over the company on Wednesday, according to insolvency administrator Martin Mucha from the law firm Grub Brugger. Business operations will continue without restriction and all jobs will be retained. The parties have agreed not to disclose the purchase price.

Eisenwerk Hasenclever & Sohn currently employs around 840 people and manufactures high-temperature-resistant exhaust components for manufacturers and system suppliers in the automotive industry. The company's products are also used outside the automotive supplier sector, particularly for cylinder heads. Last November, Eisenwerk Hasenclever filed for insolvency at Marburg Local Court. Mucha had justified the imbalance with fluctuations in demand and the simultaneous ramp-up of new customer projects. This had led to high reject rates and an increased need for financing.

The DiHAG Integrated Foundry Group already operates eight traditional and modern foundries in Germany, Poland and Hungary and, in addition to iron and steel casting products, also manufactures rollers for steelworks, for example. The company is active in the rail transportation, wind energy, plant and mechanical engineering, construction machinery, mining, iron and steel industries and agricultural machinery sectors. The completion of the takeover is still subject to the condition precedent of antitrust approvals.

The takeover is "a further step in the diversification of our company", said DiHAG CFO and Managing Director Christian Lüke. Mucha added that a suitable strategic investor had been found in DiHAG. "He not only brings the necessary financial resources, but also extensive expertise and experience from the foundry sector to drive forward the transformation process at this long-established company."