DyStar: workers worry as no investor comes forward yet
24/11/2009
The workforce at five DyStar plants in Germany have learned that they face a lay-off from work at the start of December unless an investor in the business steps forward before then.
In a series of meetings on November 24, workers at factories the specialist chemical provider runs in Frankfurt, Leverkusen, Ludwigshafen, Geretsried and Brunsbüttel were told about the administrators’ lack of success so far in finding new investors in the company, which filed for insolvency at the end of September.
By the end of October, production had begun again at each of the German sites, but workers have now learned that funding to keep the plants open will run out on November 30 unless new investors come forward in time, but the chances of that seem slim. One of the administrators, Dr Stephan Laubreau, said after the meetings: “There is no definite investor commitment at the moment. However, the search for a suitable investor continues. Investors can buy individual solutions or the comprehensive package.”
He said laying workers off on December 1 was a necessary step. “The insolvency administration has to bear all wages and salaries from December 1,” he explained. “That is not an option due to the cash position.”
He said he was looking into new temporary solutions, and also made it clear that if investors come forward later, workers could have the chance to return to their jobs.
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