German electronics manufacturer Metz, which filed for insolvency last year, has left administration after being sold to two investors. Administrator Joachim Exner announced that the company, which maintained its operations throughout the administration period, has been divided into two arms bought by different companies, allowing most employees to keep their jobs.
Metz’s TV-making operations was acquired by Skyworth, a Chinese electronics manufacturer, saving 70 per cent of the remaining employees and continuing production at Metz’s Zirndorf site in Bavaria.
The flash units and plastics business, responsible for the Mecablitz, Mecastudio and Mecalight brands of photographic lighting, has been bought by Daum Group, a German manufacturer of fitness equipment and electric bicycle motors. Daum will take on 146 out of 174 employees from Metz and add the relevant products to its portfolio.
The 87 employees not taken over by either investor have been offered the chance to join a “transfer company” for six months, providing them with qualifications to help them find future work elsewhere.
“With Skyworth and Daum, Metz has gained two strong partners at its side, both with a clear vision and proven staying power,” said Exner, the insolvency administrator. “This provides Metz with a long-term perspective. And that the Zirndorf site and the majority of jobs in the region have been preserved makes me particularly happy.”
For more information, read the full press release.