A-Tec Sells Subsidiary in Germany

A-Tec Sells Subsidiary in Germany / Picture: © A-Tec

The board of A-Tec Industries AG, in midst of a restructuring progress announce that an agreement has been concluded by which all the shares of the Doerries Scharmann group are sold to the Swiss group StarragHeckert. The sale price is approximately € 70m. The purchase and transfer agreement (closing) is to be notarized during the current week.

The agreement to purchase Doerries Scharmann was concluded with the restructuring administrator of the Austrian A-Tec Industries AG, in agreement with the legal representative of A-Tec Industries AG and the consent of the creditors committee.

The Doerries Scharmann Group, headquartered in German Mönchengladbach, manufactures machine tools of the renowned brands Dörries, Droop+Rein, Ecospeed, Scharmann and Berthiez for drilling, milling and grinding medium and large workpieces, and is among the technology leaders in the industry.The group earned with 790 employees generated sales for around € 130m in 2010.

The Vienna stock exchange listed A-TEC Industries AG is an international industrial group based in Vienna, which is active in the Power Transmission, Machine Tools and Minerals & Metals industries. The group currently employs around 6,600 people and achieved sales for about € 3.0bn in the financial year 2009.