Sachs SFM Applied for Insolvency
NUREMBERG, Germany – On 29 November German Sachs Fahrzeug- und Motorentechnik (SFM in short) GmbH which claims to be the “oldest motorcycle supplier in the world” and maker of SFM Bikes, SFM scooters as well as Saxonette e-bikes and pedelecs, applied for insolvency.
Preliminary receiver is Nuremberg-based lawyer Dr. Jochen Zaremba from Schwartz Attorneys At Law. Zaremba’s final report is scheduled to be ready on 3 January. During receivership SFM’s business continues as usual.
SFM GmbH was created out of a reorganization of Sachs Bikes in 2011, the 125th anniversary year of the traditional Sachs company. Since then the company is offering light motorcycles, scooters, e-bikes and pedelecs to the market. Current SFM GmbH is also sole successor of Sachs Fahrzeug- und Motorentechnik GmbH and Hercules-Werke GmbH.
Due to the restructuring SFM GM Dieter Scholz had to leave the company in July 2012. Since then the GM-duo Hartmut Huhn and Shuguang Wang led the company. Nevertheless the application for insolvency names Tao Wang as GM.
A couple of years before, in 2006, Sachs Fahrzeug- und Motorentechnik was acquired by a Chinese investor. When this company had to ask for insolvency in summer 2006 it was taken over on 1 January 2007 via a MBO. Since then the company operates under a German-Chinese management.
Today only R&D and sales are based in SFM’s headquarters in Nuremberg employing 22 people. The light motorcycles, scooters, e-bikes and pedelecs are all produced in China.
Further details on the insolvency will follow.