Moralt AG Has Acquired All The Machinery and Intellectual Assets of The Previous Business

A new company, backed by an Anglo-German partnership, has been formed to continue the business of German laminated board and doorblank specialist Moralt Tischlerplatten GmbH, which filed for insolvency last summer. Moralt AG has acquired all the machinery and intellectual assets of the previous business, and will continue to operate out of its plant in Bad Tötz, with a workforce of 120 (compared to its predecessor’s 152). Klaus Feile continues his previous role as chief executive at Tischlerplatten with Moralt AG and holds a stake in the business. Up to 20% of shares will be owned by the employees. The new operation also includes the involvement of German panel and door blank and block board producer SWL Tischlerplatten Betriebs GmbH of Langenberg and leading UK door components supplier Halspan. A press release from the latter describes the three-way partnership as a "joint venture", but it does not disclose whether the two companies have a shareholding in Moralt AG. Under the arrangement, SWL will transfer its door blank and panels business to Moralt, making the latter the “de facto market leader”. At the same time, following its heavy investment in its own blockboard core operation, SWL will absorb this aspect of Moralt’s business. “Together Moralt and SWL can offer a product spectrum backed by greater knowledge, improved service and all-round reliability, ” said Mr Feile. “All parties are convinced customers will reap rewards from this partnership. ” Moralt AG will also work closely with Bo’Ness-based Halspan to build international sales. The UK company will also be involved in product development and a “product optimisation programme for door-related products” with the German business and the companies will sell each other's products. "Moralt quality panel and door products will add to our range, and our full product range will be offered by Germany's de-facto market leader, significantly broadening our European customer base, " said Halspan chief executive John Martin. Moralt Tischlerplatten went into liquidation after its bank BNP Paribas Fortis withdrew credit lines. It cited high timber prices and low-cost east European competition for its financial problems. Source: ttjonline