German lead battery firm Moll sold to consortium led by BAE Batterien CEO
German lead-acid manufacturer Moll has been acquired for an undisclosed sum by a consortium of investors led by Jan IJspeert – the CEO of Berlin-based batteries peer, BAE Batterien.
The deal comes just over a year after Moll filed for insolvency, citing the "sudden, massive, and permanent decline in sales” caused by the pandemic.
However, after "long and intensive” talks, insolvency administrator Jürgen Wittmann said the company, formally Akkumulatorenfabrik Moll, was now "in the best possible hands”, and that the 260 jobs at risk had been saved.
Wittmann said negotiations for the sale, during the pandemic, had represented "an enormous challenge for all involved”.
'Great potential'
IJspeert said BAE and Moll "complement each other strategically, culturally and in their positioning as innovative quality and technology leaders”.
"Together we have great potential for sustainable and profitable growth. The restructuring results of the insolvency administrator and the development of new business areas enables the preservation of 260 qualified jobs in Bad Staffelstein and is a guarantor for the restart.”
IJspeert said the consortium would also "honour the name of the founder, Peter J Moll, and preserve the tradition of the company”.
Moll has been producing batteries mainly for the automotive industry since 1945. As an OEM industry partner, Moll supplies several Volkswagen Group automotive brands. The battery maker also offers products for trucks, a lithium battery line, and traction batteries.
The deal comes just over a year after Moll filed for insolvency, citing the "sudden, massive, and permanent decline in sales” caused by the pandemic.
However, after "long and intensive” talks, insolvency administrator Jürgen Wittmann said the company, formally Akkumulatorenfabrik Moll, was now "in the best possible hands”, and that the 260 jobs at risk had been saved.
Wittmann said negotiations for the sale, during the pandemic, had represented "an enormous challenge for all involved”.
'Great potential'
IJspeert said BAE and Moll "complement each other strategically, culturally and in their positioning as innovative quality and technology leaders”.
"Together we have great potential for sustainable and profitable growth. The restructuring results of the insolvency administrator and the development of new business areas enables the preservation of 260 qualified jobs in Bad Staffelstein and is a guarantor for the restart.”
IJspeert said the consortium would also "honour the name of the founder, Peter J Moll, and preserve the tradition of the company”.
Moll has been producing batteries mainly for the automotive industry since 1945. As an OEM industry partner, Moll supplies several Volkswagen Group automotive brands. The battery maker also offers products for trucks, a lithium battery line, and traction batteries.