Märklin hires new CEO and sets January 2011 exit from bankruptcy
October 27, 2010
|According to the German press, a spokesperson for insolvency administrator Michael Pluta has announced Märklin & Cie. GmbH plan to exit bankruptcy as of January 1, 2011. The company has submitted a plan to the creditors committee and according to Pluta is seeing positive signals from the group. No details available.|
The 151-year-old company is also getting a new CEO. Stefan Löbich, 46, succeeds Kurt Seitzinger, 71. Seitzinger becomes chairman of the company’s advisory board. Löbich was previously employed by the Würth retail group.
Märklin filed for bankruptcy protection in in February 2009. Since then it has laid off more than 400 employees. The remaining 470 employees at its Göppingen headquarters are guaranteed employment until 2014. The company also has approximately 500 employees at a plant in Györ, Hungary.
Märklin’s bankruptcy administrator reported in mid-July a positive result for the first half of 2010. Order intake increased from 74 million euros ($102 million) to 78 million ($107.5 million), while sales of 40.4 million euros ($55.7 million) to 42.6 million ($58.73 million). Earnings before interest and taxes (EBIT) for the period increased from minus 1.5 million euros (-$2.06 million) to plus 1.8 million ($2.48 million). — Südwest Presse and Handelsblatt