Steuler Fliesengruppe

Type
Bankruptcy
Country
Germany
Region
Location of affected unit(s)
Bremerhaven, Leisnig, Mühlacker
Sector
Manufacturing
(22 - 23) Manufacture of rubber, plastic and non-metallic minerals
23.3 - Manufacture of clay building materials
23.31 - Manufacture of ceramic tiles and flags
120 jobs
Number of planned job losses
Job loss
Announcement Date
9 July 2023
Employment effect (start)
5 October 2023
Foreseen end date

Description

Steuler Fliesengruppe, a German tile manufacturer, announced the filing for insolvency in July 2023.

In October 2023, it was announced that the Panaria Group (Italy) would acquire the Leisnig plant, while Norddeutsche Solar Ceramics, a subsidiary of Meta Wolf, would take over the Bremerhaven site. The Mühlacker plant is to be closed, resulting in the loss of 120 jobs.

The insolvency was driven by a sharp downturn in construction activity, triggered by rising interest rates that increased the cost of financing real-estate projects and led to a significant decline in the company's revenues.

Steuler Fliesengruppe most recently employed around 650 people.

Citation

Eurofound (2023), Steuler Fliesengruppe, Bankruptcy in Germany, factsheet number 300734, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/300734.