German lead battery manufacturer, Akkumulatorenfabrik Moll has entered exploratory discussions with potential investors after the COVID-19 pandemic caused a fall in sales that led to the 75-year-old firm opening insolvency proceedings.
“Sensitive discussions” with potential investors are taking place with the goal of finding a rapid resolution in the interests of all parties involved, said the company on 18 June.
The company filed for insolvency on 30 March, and proceedings began on 1 June. The AGM and VRLA battery maker reported it had full order books and was operating at full capacity pre- COVID-19.
The firm’s lawyer and insolvency administrator Jürgen Wittmann said: “We have already been able to identify a number of interested parties. Alongside this, we are also still receiving enquiries from outside of Germany. Investor interest reflects the fundamentally excellent reputation of the company.”
A company statement said the future of the company depended largely on whether a new partner could be found, what contribution the creditors were prepared to make and what support may come from the political arena.
He added: “Crucially, it is also important how quickly customer demand returns. In the current overall economic environment, a reliable statement on the further economic development is not possible.
“Discussions are currently underway with potential investors in order to continue business operations and return to normality as quickly as possible. MOLL is an interesting proposition for investors as a leader in innovation, producing modern products with modern facilities. The strategic position as a total solution provider and technology platform is certainly attractive.”
Moll said in the statement that all of its innovation and development projects remained on track and continued to be driven forward despite the restructuring process.
Moll has the goal of becoming independent of the automotive original equipment industry and had established its Energy Storage Solutions business with investments in lithium-ion technology.
The company’s operations have continued during insolvency proceedings.
