Things are looking bleak for German processor Theysohn Kunststoff (Salzgitter) now that the last potential investors for the insolvent subsidiary of Poland’s Boryszew Automotive Plastics have turned their back on the company. “This leaves us with no alternative”, said provisional administrator Silvio Höfer from the German law firm Anchor (Ulm; www.anchor.eu). “We now need to prepare for the phase-out, properly process the existing orders, and shut down production in an orderly manner.” The next step would be to wind up Theysohn Kunststoff in spring 2022, just like its parent holding Icos. (see Plasteurope.com of 09.11.2021). The imminent closure will affect 160 employees.

Chief Restructuring Officer Tobias Hartwig from German law firm Schultze & Braun (Achern; www.schultze-braun.de) said: “We had a lively response to our international search for investors and have negotiated intensively with several European interested parties until the very end. However, the continuing production restrictions in the automotive industry and the associated unclear prospects for Theysohn Kunststoff as a supplier have led all potential investors to the conclusion that the economic risk of a takeover under the current conditions was too high.” He added that continuing operations under the company’s own management was, in turn, not viable in the medium and long term in view of continuing losses.

The hunt for an investor for another German-based Boryszew unit, Theysohn Formenbau (Langenhagen), continues. Hartwig said talks are currently underway to find a solution for the company.