An investor solution has been found for the sheet fed business of manroland AG in insolvency proceedings. The privately owned British engineering group, Langley Holdings plc located in Nottinghamshire, has emerged as the investor behind the takeover of the sheet fed printing equipment division, its production facilities (including all real estate in Offenbach), together with the international marketing organization in more than 40 countries.
"I am very pleased with the solution which will provide a long-term perspective to the Offenbach location and the sheet fed printing business", said Werner Schneider, Insolvency Administrator. Roughly 860 future employees in Offenbach will be taken over according to the present staff planning. In addition, Langley takes over the international marketing organization. "Tony Langley, sole shareholder of the Langley Group, is well known as a long term investor who acts strategically. We are convinced that a lasting perspective has been found for manroland’s sheet fed printing business", Schneider continues.
"We foresee very good economic prospects for manroland sheetfed following the recent re-structuring…" said Tony Langley, "…this is a world-class business with an excellent reputation and its production and research & development facilities are superb; everything one expects of the very best of German engineering".
Langley already operates two successful technology divisions in Germany in the field of capital equipment; the Piller Group in Osterode / Hanover and the Claudius Peters Group in Buxtehude / Hamburg. In 2011, the entire Langley Holdings plc with all four divisions achieved revenues of approximately €500 million, with a profit before tax of some €76 million.
All contracts have been signed today. The execution of the transaction is subject to approval of the German cartel office which is expected within a short time frame.