All-Finanz buys Menzolit Group

Menzolit's parent company filed for insolvency; All-Finanz acquired Menzolit and intends to continue all SMC, BMC and CIC compound production.

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Christof Schultz, managing director of the Menzolit Group, issued a letter to clients and suppliers on April 24 announcing that German investor All-Finanz on April 20 had signed a contract to buy the Menzolit Group (Heidelberg, Germany).

The letter says:

"Shortly after Menzolit Compounds International GmbH filed for insolvency on March 31, a meeting of the committee of inspection on April 9 accepted the offer from the investment group All-Finanz GmbH."

"All-Finanz GmbH was established in 1988. Based in Freising, Germany, it is the controlling company of a group of companies and is the exclusive shareholder of several medium-sized companies, operating mainly in the field of the plastic-processing industry. Hence, All-Finanz is a strategic investor, possessing  long-term experience in the European plastics market."

"At the beginning of March 2009, the Swedish company Plastal, to which Menzolit formerly belonged, filed for insolvency. On March 6, two of the three German Plastal-Companies in Weißenburg also filed for insolvency. Due to its strong links with Plastal, the head office of Menzolit Compounds International GmbH in Heidelberg couldn't avoid insolvency any longer. Having started the temporary insolvency proceedings for Heidelberg's office, negotiations with investors for the sale of the company began with a view to complete the sale as soon as possible. The target was to maintain the management functions in Germany as well as plants abroad."

"All-Finanz GmbH was chosen to further stabilize the economically viable Menzolit Group. Menzolit will continue to focus on its core competences: the production of fiber-reinforced thermosetting compounds SMC, BMC and CIC as well as the expansion and development of quality, innovative technologies and products."