NUREMBERG, Germany – Sachs Fahrzeug- und Motorentechnik GmbH (Sachs FMT), has found a new investor and will be taken over by a Management Buy Out (MBO). The traditional producer will officially start again on January 1, 2007. Sachs-Bikes had to apply for insolvency this June.
Sachs FMT is the successor of former Hercules-Werke; the oldest PTW-producer in the world, founded in 1886. According to the receiver Volker Böhm, the MBO of Sachs FMT is the result of a silent investor who was brought in by the company’s management team. Terms of the MBO were not disclosed, but according to Böhm the sales price, already deposited, will entirely be used to pay the creditors. The insolvency procedure will be finalized by end of the year. The ‘new’ Sachs FMT will take over 33 of the 44 employees. Further details on the MBO will be announced before the end of this year.
Sachs FMT has been struggling for some time with financial difficulties. It was taken over by New Seperior Ltd., a subsidiary of an Asian investment group named New Investors Ltd. They acquired a 99.5 percent majority share of the Nuremberg-based company. Next to their own production of Powered Two-Wheelers, Sachs FMT was importer of brands such as SYM and Voxan in Germany.
The new management will continue to produce motorscooters and motor-assisted bicycles. (JB)