Just as it looked as though German size-reduction machinery maker Pallmann Maschinenfabrik GmbH & Co KG of Zweibrücken could go under financially, Siempelkamp of Germany came to its rescue in a dramatic last-minute share purchase.
Pallmann, a 109-year-old company, went into receivership at the end of April but panel press machinery producer Siempelkamp swooped to buy a 25.1% stake in the struggling business.
“We have a long-established and very good relationship with Pallmann, and Pallmann approached us for assistance,” said a Siempelkamp spokesman. “Pallmann has a good order book but its bank withdrew its credit line.
“Siempelkamp has no intention of taking a majority share in Pallmann and the company’s name will be unchanged and it will keep its independence. It has an excellent workshop and makes very good machinery,” continued the spokesman.
“This heralds a closer relationship between our two companies and also gives us access to a refiner, which will become the default refiner in our complete lines, unless the client specifies another make.”
There is some crossover between Pallmann and products made by Hombak (already a wholly-owned part of the Siempelkamp family), but Siempelkamp does not see this as a problem.
