Krono Group Switzerland’s planned acquisition of Hornitex‘s remaining three German factories has been called off.
Hornitex insolvency administrator Dr Werner Schreiber pulled the plug on the deal on the instructions of the company’s creditors after purchase conditions could not be met by the start of June.
The Krono Group had indicated to Dr Schreiber in late May that it was unable to see an end to the impasse.
The deal, which had been approved by the Federal Cartel Office in Bonn, involved the purchase of factories in Horn-Bad Meinburg, Duisberg and Beeskow.
Dr Schreiber now intends to draw up an insolvency reorganisation plan for the Duisberg site, following the example of the Beeskow factory which emerged from insolvency last year.
Several parties are still believed to be interested in buying the Hornitex plants, although so far the company’s creditors have ruled out a separate sale of the plants.
The factories produce a wide range of products including MFC, chipboard, post-formed items and laminate flooring/panels.
