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Foundry group takes over Eisenwerk Hasenclever & Sohn

The DiHAG Integrated Foundry Group took over the company on 22 May 2024. Business operations will continue without restriction and all jobs will be preserved.

Eisenwerk Hasenclever & Sohn GmbH currently employs around 840 people and manufactures high-temperature-resistant exhaust components for well-known manufacturers and system suppliers in the international automotive industry. The company's products are also used outside the automotive sector, in particular for cylinder heads. Eisenwerk Hasenclever was forced to file for insolvency at the Marburg District Court in November 2023 due to severe fluctuations in demand. In addition, the simultaneous ramp-up of new customer projects led to high scrap rates and increased financing requirements.

The DiHAG Integrated Foundry Group already operates eight modern foundries with a long tradition in Germany, Poland and Hungary. Its portfolio includes cast products made of iron and steel, as well as products made of iron and steel in moulds, such as rollers for steelworks. DiHAG is currently active in the rail transport, wind energy, plant and mechanical engineering, construction machinery, mining, iron and steel and agricultural machinery sectors. The DiHAG Integrated Foundry Group has acquired the complete business operations of Eisenwerk Hasenclever & Sohn, including all assets and employees, by notarised contract. The parties have agreed not to disclose the purchase price. The execution of the company purchase agreement is still subject to the condition precedent of antitrust approvals.

‘DiHAG is successfully active in many sectors, but not yet in the automotive industry. The acquisition of Eisenwerk Hasenclever & Sohn is therefore a further step in the diversification of our company. The distribution of our sales across many different product ranges and sectors makes us more independent of economic fluctuations in individual economic sectors. This is also the core of our strategy of not allowing dependencies on individual customers and sectors. The active desire of Eisenwerk Hasenclever & Sohn's customers to take over the company, and the significant financial support that this entails, has convinced us that the foundry is technically outstanding and will therefore survive in the market in the long term. Furthermore, we are sure that we will soon be able to generate attractive synergies,’ emphasises Christian Lüke, CFO and Managing Director of DiHAG Integrated Foundry Group.

‘With the DiHAG Integrated Foundry Group, we have found a suitable strategic investor for Eisenwerk Hasenclever & Sohn in close consultation with the main customers. It not only brings the necessary financial resources, but also extensive expertise and experience in the foundry sector to drive forward the transformation process at the traditional company. The DiHAG team can rely on a highly motivated workforce and cooperative customers at Eisenwerk Hasenclever & Sohn; they have also provided me with outstanding support in recent months, for which I would like to express my sincere thanks once again,’ explains the experienced restructuring expert Martin Mucha, who was appointed insolvency administrator by the Marburg District Court.

The team at GRUB BRUGGER consisted mainly of the insolvency administrator Martin Mucha (partner), Karl Sebastian Schäfer (partner), Dr Mario Weiss, Dr Silvan Bächle, Sabrina Rittmann, Dennis Lang (partner) and Dr Heiko Schindera.

The management of Eisenwerk Hasenclever & Sohn was taken over on an interim basis during the insolvency proceedings by Andreas Willeke from Falkensteg and Jochen Glück from Change Management.

The structured investor process was supported by a team led by Jörg Brunner of Roland Berger GmbH, Munich. A team led by Katherina Gasser of PwC provided business management support.