The insolvency proceedings for König + Neurath are winding down, the future is financed – that's the current official line. Behind it lies a sharp cut: around 130 of the current 830 or so employees have to leave. Roughly 700 jobs remain. The price of the restructuring is clearly quantified.
The continuation plan has been in place since the beginning of the month. Three pillars are meant to support it: the shareholding family, the financing partners, and the workforce together with structural adjustments. The owners are contributing capital – through a purchase price plus additional investment funds. Banks are securing the financing via standard, collateralised loans. And internally, things are being tightened – meaning job cuts and concessions from those who stay. The layoffs cut across all age groups, with some departments hit harder than others. Almost all those affected are moving into a transfer company. Qualification, counselling, placement – the full package.