A new company has been formed to continue the business of German laminated board and doorblank specialist Moralt Tischlerplatten GmbH, which filed for insolvency last summer.
Moralt AG has acquired all the machinery and intellectual assets of the previous business, and will continue to operate out of its plant in Bad Tölz, with a workforce of 120 (compared to its predecessor’s 152).
Klaus Feile continues his previous role as chief executive at Tischlerplatten with Moralt AG and holds a stake in the business. Up to 20% of shares will be owned by the employees .
The new operation also includes a partnership with fellow German panel and door blank and block board producer SWL Tischlerplatten Betriebs GmbH of Langenberg and UK door blank and fixtures supplier Halspan.
SWL will transfer its door blank and panels business to Moralt under the arrangement, making the latter the “de facto market leader”. At the same time, following its heavy investment in this part of its own blockboard core operation, it will absorb this aspect of Moralt’s business.
“Together Moralt and SWL can offer a product spectrum backed by greater knowledge, improved service and all-round reliability,” said Mr Feile. “All parties are convinced customers will reap rewards from this partnership.”
Moralt AG will also work closely with Bo’Ness-based Halspan to develop international sales.
Moralt Tischlerplatten went into liquidation after its bank BNP Paribas Fortis withdrew credit lines. It cited high timber prices and low-cost east European competition for its financial problems.
