Nanogate SE: Techniplas Group acquires core business as part of the restructuring concept
- Around 1.600 jobs secured
- Integration into international technology group opens up further growth opportunities markets
Nashotah, WI – May 7, 2021 – Techniplas, a leading global provider of highly-engineered plastic components, is pleased to announce that it has signed an agreement to acquire major parts of the business from Nanogate SE (“Nanogate”).
Headquartered in Germany with locations worldwide, Nanogate is a world-leading technology company which produces design-oriented, multi-functional components and surfaces primarily for the automotive and industrial industries. The company has an extensive technology and intellectual property portfolio that enables it to offer unique finishing solutions such as radar-transparency, translucency, anti-corrosion, scratch-proof, and non-stick / easy-to-clean functional properties.
Techniplas acquires major parts of the business assets of Nanogate SE and the insolvent subsidiaries Nanogate Management Services GmbH, Nanogate NRW GmbH, Nanogate PD Systems GmbH and Nanogate Neunkirchen GmbH by way of an asset deal as well as the investments in non-insolvent subsidiaries (e.g. Nanogate North America LLC, Nanogate heT Engineering GmbH, Nanogate Netherlands B.V., Nanogate Schwäbisch Gmünd GmbH, Nanogate Slovakia s.r.o.) through share deals. The purchase price (in EUR) is in the mid-double-digit million range and is used entirely to service claims of creditors of Nanogate SE and other insolvent group companies in the context of ongoing insolvency proceedings in self-administration. The implementation of the transaction is still subject to the occurrence of various conditions.
For the remaining subsidiaries Nanogate Textile & Care Systems GmbH and Nanogate Electronic Systems GmbH, Nanogate SE is in advanced stages of negotiations with investors on a separate sale.
After the legal effect of the divestitures (“closing”), the company would be left as a company without operating business or operating interests. The company would then be wound up and dissolved and the stock market listing terminated.
Ali El-Haj, CEO of Techniplas, commented, “Acquiring Nanogate is a highly strategic and transformative transaction for Techniplas. The addition of Nanogate’s unique and proprietary finishing capabilities will strategically complement Techniplas’ core expertise in injection molding to create one of a few companies of scale with a full suite of molding and finishing capabilities. Together, the combined company will have 25 locations worldwide to serve our customers globally.”
Martin Hendricks, CEO of Nanogate SE, states: “Nanogate is on the verge of successfully completing the turnaround concept. The agreed acquisition of the core business by the Techniplas Group secures jobs and creates a stable basis for the future. As part of the international technology group, additional profitable growth opportunities will be generated based on the strong combined product and technology portfolio. The agreed transaction confirms that Nanogate has powerful technologies and an attractive customer base.”
Matthias Bayer, General Representative of Nanogate SE, adds: “However, the restructuring plan includes cuts for creditors and shareholders. In recent months, we have also had to reduce the number of employees in order to retain the core business and thus a large proportion of the jobs. This offers the remaining 1,600 employees a new perspective and creditors a considerable quota. During the insolvency proceedings in self-administration, production continued largely undisrupted: Securing production and reliably supplying our customers was and remains our highest priority.”
Nanogate is a leading global technology company for design-oriented, multi-functional components and surfaces. Nanogate develops and produces design-oriented surfaces and components and enhances them with additional properties (e.g. non-stick, scratch-proof, anti-corrosive). Nanogate services many of the largest, global blue-chip automotive customers. Nanogate filed for insolvency in self-administration (protective shield) proceedings in June 2020.
Techniplas is a global provider of highly engineered plastic components, primarily for the automotive sector as well as industrial, consumer, medical, and other markets. The Company’s products align with industry trends, including vehicle light weighting and electrification and an increasing focus on comfort and safety. Techniplas serves global customers and platforms with a focus on technology expertise, design and engineering collaboration with customers. Techniplas maintains long-term relationships with many of the world’s leading automotive and industrial OEMs.
Claudia Pitschak, Executive Assistant Techniplas
Tel. +41 44 855 55 59 / email@example.com