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Insolvency administrator Mr. Michael Pluta from PLUTA Rechtsanwalts GmbH has succeeded in selling the business operations of the Hirschberg-based company KPS AG. The pertinent purchase agreement has already been signed and is effective from 1 July 2015. The purchaser is KPS Prüfservice GmbH, a newly founded subsidiary of the Runtime Group GmbH. This means that the company’s name will be kept.
The new company will continue the full scope of business operations at the Hirschberg site. A total of 167 employees will be kept on directly by the new owner. A further 30 employees will be offered jobs by subsidiaries of the Runtime Group GmbH. KPS previously had a workforce of 220 employees.
The Runtime Group GmbH is one of the leading providers of industrial and staffing services in Germany. There are more than 80 sites operating in Germany, Switzerland, Austria, Belgium, Slovakia and Poland with more than 4,700 employees involved in industry, telecommunications, health care, logistics, marine interior outfitting, engineering and in the assembly of wind turbines. The company is based in Bremen.
“Following intensive talks, we are happy to say that we succeeded in finding a promising solution for both the staff and the business operations of KPS AG, which is also aligned with the Runtime Group’s strategic orientation. We can see the enterprise’s great market potential,” explained Mr. Birger Topp, Managing Partner of Runtime Group GmbH.
KPS AG had filed for insolvency early in April 2015. The Local Court of Mannheim opened insolvency proceedings for the company’s assets at the end of May and appointed Mr. Michael Pluta as the insolvency administrator. The restructuring expert has successfully continued business operations since the beginning of April. Together with his team, he has implemented the necessary restructuring measures.
Turnaround expert Mr. Michael Pluta explained, “We have been able to continue business operations without restriction and to keep almost all the important customers.” Moreover, in the past few weeks, the insolvency administrator has held talks with several potential buyers. According to Mr. Pluta, “By selling KPS AG to Runtime, we have achieved the best solution for both the workforce and the creditors.”
KPS is one of the leading companies specialising in electrical safety testing in Germany. The engineers and technicians in the company test electrical systems and equipment in companies and local government offices to ascertain whether they are in line with current laws, regulations and norms.