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Votec back on the track again

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KARLSRUHE, Germany (April 15) – Through a management buy-out Votec has restarted its operations. Former Sales & Marketing Director Andreas Engmann was appointed as Votec’s new General Manager. After running into financial problems, because of a lack of equity capital after years of strong growth SVB took over the helm at Votec earlier this year. […]

KARLSRUHE, Germany (April 15) – Through a management buy-out Votec has restarted its operations. Former Sales & Marketing Director Andreas Engmann was appointed as Votec’s new General Manager. After running into financial problems, because of a lack of equity capital after years of strong growth SVB took over the helm at Votec earlier this year. However, on February 26 Votec filed for suspension of payments, similar to US Chapter 11 bankruposy protection procedure. Just two weeks later receiver SVB Fahrradtechnik GmbH sold all the rights and assets of former Votec Sportradtechnik it owned to IBI International Bicycle Investment GmbH, headed by Engmann. Votec’s future has been secured as are allits employees at the Bretten plant. Engmann said he was supported by some private investors as well to realize this management buy-out. “Very strong brands is the base for a good business” said Engmann, while looking into Votec’s well filled order book. Votec manufactures high- end mountain bikes for the non-competition market under its own brand, for Porsche (Bike R) among others and suspension forks & frames, made in Germany. (FN)

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