After sales plummeted due to the global chip crisis, the companies in the PWK Group (Presswerk Krefeld GmbH & Co. KG and PWK IBEX GmbH) were forced to file for insolvency under self-administration in October 2021. The traditional company, whose history dates back to 1898, manufactures and designs components and special parts for the automotive industry with the production steps of forming and further processing at four locations (Krefeld, Schönbrunn, Zittau and Gelenau) with around 500 employees.
The PWK Group has succeeded in developing a sustainable solution for the continuation of the company and the retention of a large part of the employees. The continuation of business operations was initially secured for the time being by concluding a continuation agreement with the customer. Now the long-term continuation is ensured with the entry of the strategic investor.
The Winning Group a.s. acquires the assets of the companies in the PWK Group that are necessary for continued operations. The takeover is still subject to the usual approval requirements. The acquisition is part of Winning Group’s strategy to build a diversified, multi-technology components supplier in the automotive supply industry, offering its customers high-quality components in the e-mobility-ready market segments. The concept envisages the preservation of the Krefeld site and around 115 jobs at the Gelenau site. The plants in Zittau and Schönbrunn, on the other hand, have to be closed.
The PWK Group was accompanied by a multidisciplinary restructuring team from Ebner Stolz led by restructuring expert Jan Hendrik Groß (general representative). The District Court of Krefeld ordered Dr. Jan-Philipp Hoos (White & Case) appointed as administrator. Winning Group was advised by Deloitte. The M&A process was led by Saxenhammer.
The Winning Group was supported throughout the transaction by Deloitte Legal (lead partners Dirk Hänisch and Charlotte Sander).
For further information regarding this press release, please contact Jana Mala jana.mala@be-winning.com