German lead-acid battery maker Moll Batterien has been bought by an investor consortium led by Jan IJspeert, managing director of BAE Holding and fellow lead battery firm BAE batteries.
The buy-out comes just over a year since Moll opened insolvency proceedings after 75 years of operation due to the “sudden, massive, and permanent” decline in sales caused by the COVID-19 crisis.
The successful restructuring of the firm has ensured all 260 jobs at the Moll battery factory are secured.
The insolvency administrator, lawyer Jürgen Wittmann, signed a purchase agreement with the investor consortium to take over and continue the business operations of the insolvent accumulator factory MOLL GmbH & Co. KG.
On the basis of the signed purchase contract, the economic transfer will take place on 1 May.
The parties have agreed not to disclose the terms of the purchase contract.
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 of the insolvency administrator and the development of new business areas enable the maintenance of 260 qualified jobs and guarantee a new start.
“We will honour the name of the founder Peter J. Moll and preserve the tradition of the company."
Wittmann said: "The restructuring of an international automotive supplier of starter batteries and the sale to a strategic investor in the pandemic was an enormous challenge for everyone involved. I would like to thank the workforce for the committed work they have done over the entire period of insolvency, and I know their future lays in experienced hands."
BAE Batterien located in Berlin, is a medium-sized company with a 120-year tradition in manufacturing industrial lead batteries. The core business of BAE is the production of stationary batteries, but it also produces batteries for motive power and railway applications.